Wheat Market Closed Slightly Lower

Wheat Market Closed Slightly Lower

I'm KayDee Gilkey with the Market Line Report for August 23, 2012.?

Ample U.S. wheat supplies mean the wheat market needs either spillover support from corn or a fresh dose of fundamentally supportive news to rally. Both were lacking Wednesday, which encouraged profit-taking following Tuesday's strong gains. From the floor of the CME Group, Frank Lesh shares his observations of Wednesday’s markets.

Lesh: “Well right now this week, it is all about crop tours. It is all about crop conditions. We’ve got the ProFarmer Tour out there. All the news we are hearing is of less, less production numbers, it looks like these yield are declining lower across the board and we are also looking at quality issues as well.”

Chicago September Wheat ended Wednesday down 4 cents at 8-96 and 1/2. September corn ended the day down a penny at 8-30 and 1/4.
Portland prices for soft white wheat and club wheat were steady to up 4 cents at mostly 8-91. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 cents at mostly 9-56. DNS wheat with 14 pct protein prices ranged up 2 cents to down 5 cents at mostly 9-91.

October live cattle ended Wednesday down 15 cents at 124-48. September Feeder cattle were up 45 cents at 141-58. September class III milk was down a dime at 19-06.

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