Wheat Market Follows Corn Lower

Wheat Market Follows Corn Lower

I'm KayDee Gilkey with the Market Line Report for August 27, 2012.?

Wheat and corn drifted lower on Friday while soybeans held strong throughout the day in quiet trade. For the week, wheat futures posted slight losses. From the floor of the CME Group, Joe Vaclavik shares his observations of Friday’s markets.

Vaclavik: “Grain markets finished the week mixed. We had corn lower, wheat lower and beans sharply higher. Overall I think these markets are still in a bullish tone. We’ve got some nice technicals the charts still look bullish.Corn is still trading in a regression channel here and it looks like it could turn back higher at any point. But keep in the mind that the corrections and consolidations are healthy for any market. Moving forward we’ve got the big USDA Report is going to be Sept 10th is the next big crop production report so we’ve got a couple of weeks up until that.”

Chicago September Wheat ended Friday down 7 cents at 8-67 and 1/2. September corn ended the day down 6 and 1/2 cents at 8-02 and 1/4.

Portland prices for soft white wheat and club wheat were steady to down 5 cents at mostly 8-68. Hard Red Winter Wheat with 11.5 pct protein prices were down 6 cents at mostly 9-27. DNS wheat with 14 pct protein prices ranged down 2 to 4 cents at mostly 9-67.

October live cattle ended Friday down 48 cents at 124-45. September Feeder cattle were down 53 cents at 142-95. September class III milk was down a dime at 19-10.

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