Wheat Market Trades Both Sides of Unchanged

Wheat Market Trades Both Sides of Unchanged

I'm KayDee Gilkey with the Market Line Report for August 29, 2012.?
Wheat futures saw a choppy day of trade and favored the downside into the close on Tuesday.The wheat market closed near the low end of the day's trading range as profit taking took over, despite the lower US Dollar. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.

Vaclavik: “Some actual national policy news, the G20 nations are going to wait until after the September report to possibly make some decision here regarding inflation and food prices. They are very nervous that both will get too high, and that things might get out of hand here and that we could have more of a world food crisis on our hands. Moving forward we are going to have export sales on Thursday, the big September Crop Production Report is on the 12th. All in all though kind of a slow news week.”
Chicago September Wheat ended Tuesday down 7 and 1/4 cents at 8-54 and 3/4. September corn ended the day down 5 cents at 7-89 and 1/2.
Portland prices for soft white wheat and club wheat were down a penny to up 5 cents at mostly 8-60. Hard Red Winter Wheat with 11.5 pct protein prices were down 5 cents at mostly 9-18. DNS wheat with 14 pct protein prices ranged down 1 cent to up 2 cents at mostly 9-62.

October live cattle ended Tuesday up 28 cents at 123-75. September Feeder cattle were up 95 cents at 143-60. September class III milk was down 2 cents at 19-06.

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