Wheat Market Settles Lower Again

Wheat Market Settles Lower Again

I'm KayDee Gilkey with the Market Line Report for August 2, 2012.?
Heavy spillover from outside markets triggered selling pressure in wheat futures on Thursday. With the corn market under pressure, wheat traders had no strong reason to buy. Instead, they took more profits out of the market as they capitalize on the strong rally. From the floor of the CME Group, Gary Kozlowski shares his observations of Thursday’s markets.

Kozlowski: “If we go over to the wheat, the Baltic region in the wheat again there is a situation there. The wheat here in the U.S. has been following the corn market and the corn market pulled down. You’ve seen a lot of selling off earlier on this week and the wheat prices came down with it. Earlier this afternoon we saw corn seeking back up to the $8 range and we saw the wheat sneak back up. So there has been a lot of ties in with that, and we have to keep our eyes open and hope that we get some rain real soon.”

Chicago September Wheat ended Thursday down 14 and 1/2 cents at 8-65. September corn ended the day down 6 and a 1/2 cents at 7-94.

Portland prices for soft white wheat and club wheat were down 5 to 15 cents at mostly 8-51. Hard Red Winter Wheat with 11.5 pct protein prices were down 10 to 15 cents at mostly 9-16. DNS wheat with 14 pct protein prices were down 11 to 12 cents at mostly 9-78.

August live cattle ended Thursday up $1 at 120-even. August Feeder cattle were down 3 cents at 139-75. August class III milk was up 4 cents at 17-17.

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