Slightly Lower Wheat Market

Slightly Lower Wheat Market
I'm KayDee Gilkey with the Market Line Report for August 31, 2012.?

December Chicago wheat traded slightly lower on the day Thursday after wheat futures trended lower into the close as profit taking from earlier gains took over. A supportive tone to the market was seen midsession ahead of Friday's meeting of Russian government officials to discuss their wheat production estimates. From the floor of the CME Group, Frank Lesh shares his observations of Thursday’s markets.

Lesh: “Wheat news here, Western state in Australia is claiming they could use half of their wheat crop this year of drought conditions, El Nino problems there. Russia grain harvest as well is expected to be lower they are estimated to be at 75 million tons that down from 94 million last year. So we are not the only ones with these production problems this year. That will serve to keep things tight here well in to next year.”

Chicago September Wheat ended Thursday down 2 cents at 8-83 and 1/2. September corn ended the day up 1 and 1/4 cents at 8-11 and 1/2.

Portland prices for soft white wheat and club wheat were steady to up 2 cents at mostly 8-84. Hard Red Winter Wheat with 11.5 pct protein prices were down 6 cents at mostly 9-44. DNS wheat with 14 pct protein prices were steady to up a penny at mostly 9-98.

October live cattle ended Thursday steady at at 125-60. September Feeder cattle were down 40 cents at 143-30. September class III milk was down 25 cents at 19-11.

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