Wheat Market Pushed Lower

Wheat Market Pushed Lower

I'm KayDee Gilkey with the Market Line Report for August 13, 2012.?

September Chicago wheat traded sharply lower into the closing bell after the release of Friday’s USDA report. From the floor of the CME Group, Jack Scoville shares some of the USDA crop report’s results.

Scoville: “The USDA wheat production estimate was 2.268 billion bushels was a little bit of a bearish surprise to the trade. There was an uptick in the spring wheat production estimate which pushed the entire wheat production estimate higher and was more than the uptick in the feed wheat demand that the trade had been expecting anyway. So that created a little bit of a negative surprise as ending stocks were were increased slightly also world ending stocks were higher than the trade expected. That pushed wheat prices lower, and kept them lower here all day today.”

Chicago September Wheat ended Friday down 27 and 3/4 cents at 8-85 and 1/4. September corn ended the day down 18 and 1/4 cents at 8 even.

Portland prices for soft white wheat and club wheat were down 10 to 15 cents at mostly 8-78. Hard Red Winter Wheat with 11.5 pct protein prices were down 22 cents at mostly 9-42. DNS wheat with 14 pct protein prices were down 22 to 23 cents at mostly 9-87.

October live cattle ended Friday down 25 cents at 125-53. September Feeder cattle were up 25 cents at 139-73. September class III milk was down 8 cents at 19-17.

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