Wheat Market Struggles Monday

Wheat Market Struggles Monday

I'm KayDee Gilkey with the Market Line Report for August 28, 2012.?

The wheat market struggled to hold a firm footing Monday after weather conditions for most US wheat growing areas were seen as a negative force. Outside markets offered limited direction with the US Dollar steady on the day and US stocks slightly higher. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.

Wagner: “wheat market was lower, the wheat market is the dog, there is no question about that. Wheat domestically here in the U.S. priced itself out of the world market and that is going to be weighing on prices, a simple fact of the matter. There are a lot of other dynamics Southern Hempishere production, potential exports from Russia, Egypt buying wheat from Russia as well as from Romania.”
Chicago September Wheat ended Monday down 5 and 1/2 cents at 8-62. September corn ended the day down 7 and 3/4 cents at 7-94 and 1/2.
Portland prices for soft white wheat and club wheat were down 8 to 15 cents at mostly 8-59. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 cents at mostly 9-24. DNS wheat with 14 pct protein prices ranged down 4 to 5 cents at mostly 9-61.

October live cattle ended Monday down .98 cents at 123-48. September Feeder cattle were down 30 cents at 142-65. September class III milk was down 2 cents at 19-08.

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