Wheat Market Sharply Lower

Wheat Market Sharply Down

I'm KayDee Gilkey with the Market Line Report for August 14, 2012.?

Outside markets added pressure with US Stocks and crude oil both trading weaker on the day Monday. The US dollar was lower throughout the session which offered no support to the grain market. Chicago wheat was also pressured by a sharply lower corn market. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.

Wagner: “Well we start the trading week off with corn, soybeans and wheat all experiencing very steep losses. Technically the corn and wheat market have violated uptrends appeared consolidations which occurred leading up to Friday’s August 10th report, USDA report which was in fact bullish. Now the price performance, the fact that we were not able to retain or keep gains that were made, particularly corn, December corn contract trading up to 8 and half dollars and then failing. We are looking for some more follow through selling coming in the near term.”

Chicago September Wheat ended Monday down 28 and 1/2 cents at 8-56 and 3/4. September corn ended the day down 17 and 1/4 cents at 7-82 and 3/4.

Portland prices for soft white wheat and club wheat were down 25 to 30 cents at mostly 8-53. Hard Red Winter Wheat with 11.5 pct protein prices were down 25 to 29 cents at mostly 9-16. DNS wheat with 14 pct protein prices were down 25 to 32 cents at mostly 9-59.

October live cattle ended Monday up 85 cents at 126-38. September Feeder cattle were up $2.95 at 142-68. September class III milk was down 42 cents at 18-75.

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