Wheat Market Sharply Lower

Wheat Market Sharply Lower

I’m KayDee Gilkey with the Market Line Report for Sept. 11, 2012. ?
The lower wheat trade on Monday was linked to weakness in the corn market and profit taking following gains seen last week. From the floor of the CME Group, Jack Scoville gives his observations of Monday’s markets.

Scoville: “The wheat market continues to be supported by ideas that the Russians and the Ukrainians are about ready to cut their exports. Ukraine has said that is something that is on the table, the Russians really keep denying that but they are considering cutting at all. But the Ukrainians have put that on the table. There has been a lot of expectations that some of that demand will shift over here. But we’ve not seen that yet.”

Chicago September Wheat ended Monday down 16 and 1/2 cents at 8-68 and 1/4. September corn ended the day down 14 cents at 7-81.

Portland prices for soft white wheat and club wheat were steady to up a nickel at mostly 8-85. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 to 18 cents at mostly 9-41. DNS wheat with 14 pct protein prices were down 22 to 28 cents ranging between 9-75 to 9-95.

October live cattle were down Monday 73 cents at 125-75. September Feeder cattle were up 65 cents at 144-95. September class III milk was down 7 cents at 18-78.

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