Wheat Market Drifts Lower

Wheat Market Drifts Lower

I'm KayDee Gilkey with the Market Line Report for August 15, 2012.?

September Chicago wheat traded sharply lower for the third straight session after it was reported that Egypt bought another round of Russian and Ukrainian wheat in their second tender this week. Wheat shook off midday support from the corn market after technical selling took wheat near session lows. Gary Koziowski shares his observations of Tuesday’s markets.

Koziowski: “The wheat market right now is following back and forth what the corn is doing. Corn runs up a little bit, the wheat market runs up with it. Corn pulled down a little bit today and we saw wheat come down little bit today. There is still a lot concern about Russia’s drought and what they don’t have as far as wheat. We will probably see a ban on them exporting any kind of wheat at all. Same thing with the Ukraine region, it is a little too dry over there, they don’t have enough of their crop.”

Chicago September Wheat ended Tuesday down 17 cents at 8-39 and 3/4. September corn ended the day down 3 cents at 7-79 and 3/4.

Portland prices for soft white wheat and club wheat were down 10 to 15 cents at mostly 8-41. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 cents at mostly 9-00. DNS wheat with 14 pct protein prices were down 8 to 10 cents at mostly 9-50.

October live cattle ended Tuesday up 53 cents at 126-90. September Feeder cattle were up $2.33 at 145 even. September class III milk was unchanged at 18-75.

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