Wheat Market Sharply Lower

Wheat Market Sharply Lower

I'm KayDee Gilkey with the Market Line Report for August 1, 2012.?
September Chicago wheat traded sharply lower into the close of Tuesday's session as traders took profits following gains this week. The wheat market began the day weaker, but losses were accelerated after corn began to tumble from its record highs. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.

Vaclavik: “Grain markets mostly lower here today on Tuesday. Kind of a quiet back and forth month-end type trade is how I would describe it. A lot of intraday volatility but really no direction until the close. Everything closing modestly lower. The big story really is that the crop estimates and production estimates for both corn and soybeans keep ratcheting down.”

Chicago September Wheat ended Tuesday down 26 and 1/4 cents at 8-88 and 1/4. September corn ended the day down 13 and 1/2 cents at 8-06 and 1/2.

Portland prices for soft white wheat and club wheat were down 20 to 22 cents at mostly 8-76. Hard Red Winter Wheat with 11.5 pct protein prices were down 19 to 24 cents at mostly 9-37. DNS wheat with 14 pct protein prices were down 23 to 28 cents at mostly 10-01.

August live cattle ended Tuesday down 78 cents at 118-88. August Feeder cattle were up 38 cents at 138-63. August class III milk was down 22 cents at 17-08.

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