Wheat Market Slightly Higher

Wheat Market Slightly Higher

I'm KayDee Gilkey with the Market Line Report for August 16, 2012.?

September Chicago wheat traded slightly higher midday on Wednesday after falling nearly $1 dollar off the highs made last Friday. The US Dollar traded higher today which offered slight resistance to gains. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “We have more weather forecast to be traded. Took a little bit of the rain out of the forecast for the corn belt out during the 6 to 10 day period here today that could have been why we were higher. All kind of stories about the ethanol mandate and the EPA and whether or not they will relax the mandate. There doesn’t seem to be any evidence that they will relax the mandate as of right now -- seems pretty solid on that -- but things can change in a heart beat in this market.”

Chicago September Wheat ended Wednesday up 7 cents at 8-46 and 3/4. September corn ended the day up 14 and 1/4 cents at 7-94.

Portland prices for soft white wheat and club wheat were steady at mostly 8-42. Hard Red Winter Wheat with 11.5 pct protein prices were up 6 cents at mostly 9-06. DNS wheat with 14 pct protein prices were up 10 to 11 cents at mostly 9-60.

October live cattle ended Wednesday down 25 cents at 126-65. September Feeder cattle were down 53 cents at 144-48. September class III milk was up 47 cents at 19-22.

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