Wheat Market Choppy on Monday, But Ended Firm

Wheat Market Choppy on Monday, But Ended Firm

I'm KayDee Gilkey with the Market Line Report for August 21, 2012.?
Traders continue to add risk premium to the wheat market after some feel Black Sea exports will slow in the next quarter which could shift international demand to North America. From the floor of the CME Group, Virginia McGathey shares her observations of Monday’s markets.

McGathey: “Wheat is basically along for the ride but there are some reports that they are having some struggling in Europe as well as in Australia so I think that wheat may be on its own and still getting a little stronger. Now wheat today was just over $9 dollars, and up 8 cents a bushel. On that note, the market still remains strong, we expect it to continue this way. And volatility is still here to stay. While the market moved sideways these last few days, still it shows there is plenty of strength in it.”

Chicago September Wheat ended Monday up 5 cents at 8-79 and 1/2. September corn ended the day up 16 and 3/4 cents at 8-15 and 1/4.
Portland prices for soft white wheat and club wheat were steady to up 5 cents at mostly 8-68. Hard Red Winter Wheat with 11.5 pct protein prices were up a nickel at mostly 9-39. DNS wheat with 14 pct protein prices were up 3 to 4 cents at mostly 9-79.

October live cattle ended Monday up 20 cents at 125-48. September Feeder cattle were up 60 cents at 142-80. September class III milk was down 52 cents at 19-05.

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