Wheat Market Prices Pressured Lower

Wheat Market Prices Pressured Lower

I'm KayDee Gilkey with the Market Line Report for July 24, 2012.

Grain and soybean bids traded moderate to sharply lower on bleak economic news from Europe on Monday. The forecast for the week looks hot with temperatures rising into the triple digits in the Plains and some parts of the Midwest with no significant amount of moisture. From the floor of the CME Group, Frank Lesh shares his observations of Monday’s markets.

Lesh: “This is the first week in five weeks that we had a lower trade on Sunday night and Monday. And lower trade indeed it is. Corn today is it looks like is down about nine closing at 7-86 with December contract. September wheat is down over 30 cents closing in at about 9-10 today. Again have we priced in some of these problems -- most certainly. Are we starting to ration demand -- most certainly as well.”

Chicago September Wheat ended Monday down 30 1/2 cents at 9-12 and 3/4. September corn ended the day down 10 and 1/2 cents at 8-14.

Portland prices for soft white wheat and club wheat were down 20 to 25 cents at mostly 8-92. Hard Red Winter Wheat with 11.5 pct protein prices were down 27 cents at mostly 9-60. DNS wheat with 14 pct protein prices were down 23 to 25 cents at mostly 10-78.

August live cattle ended Monday up 65 cents at 118-60. August Feeder cattle were down 45 cents at 135-65. August class III milk was down 14 cents at 17-82.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.