Wheat Market Moves Lower

Wheat Market Moves Lower

I'm KayDee Gilkey with the Market Line Report for July 27, 2012.?
The wheat complex is still uncertain as to how low Russia wheat production really is. The wheat market set aside the Russian news and followed corn lower on the day Thursday. From the floor of the CME Group, Jack Scoville shares his observations of Thursday’s markets.

Scoville: “Prices lower across the board, led lower by soybeans which were about 50 cents lower at one point before finding some buying here late part of the day. Corn held to more moderate losses between 10 and 15 lower and wheat somewhere in between. Most of the selling coming from weather forecast. We did get some rain here in the midwest today and expected to get more over the next day or so. Then we’ll see a drier weekend and warmer and drier weather into next week.”

Chicago September Wheat ended Thursday down 19 and 1/4 cents at 8-84. September corn ended the day down 13 and 1/4 cents at 7-81 and 1/4.

Portland prices for soft white wheat and club wheat were down 15 to 16 cents at mostly 8-69. Hard Red Winter Wheat with 11.5 pct protein prices were down 9 cents at mostly 9-43. DNS wheat with 14 pct protein prices were down 21 to 27 cents at mostly 10-28.

August live cattle ended Thursday up 23 cents at 118-18. August Feeder cattle were up $1.33 at 136 even. August class III milk was down 12 cents at 17-56.

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