Wheat Market Has Down Day

Wheat Market Has Down Day

I'm KayDee Gilkey with the Market Line Report for August 2, 2012.?
September Chicago wheat traded sharply lower for most of the day but managed to find support late in the day Wednesday as corn and soybean began to climb. The Federal Reserve announced that they would leave interest rates unchanged which offered slight support to the commodity sector late in the session. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.

Wagner: “A little bit of a trade observation here on Wednesday, August 1st the first day of the month and we had a very very negative day here on Wednesday but it turned out not as bad as one would have thought. Also I would like to make the observation that we don’t have any buffer even if the rain is coming into the Midwest through the corn and soybean belt. It is still not going to be enough to make up the production shortfall as to what demand is. ”

Chicago September Wheat ended Wednesday down 8 and 3/4 cents at 8-79 and 1/2. September corn ended the day down 6 cents at 8-00 and 1/2.

Portland prices for soft white wheat and club wheat were down 8 to 15 cents at mostly 8-60. Hard Red Winter Wheat with 11.5 pct protein prices were down 9 cents at mostly 9-29. DNS wheat with 14 pct protein prices were down 15 cents at mostly 9-90.

August live cattle ended Wednesday up 13 cents at 119-even. August Feeder cattle were up $1.15 at 139-78. August class III milk was up a nickel at 17-13.

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