Wheat Market Choppy on Tuesday

Wheat Market Choppy on Tuesday

I’m KayDee Gilkey with the Market Line Report for Sept. 12, 2012. ?
Wheat traders worked to even positions ahead of USDA's Supply & Demand Report Wednesday morning. Wheat interest in that report is all about world production numbers. Most traders feel the USDA could cut 2012/13 world ending stocks to 174.5 million tonnes vs. the current estimate of 177.2. From the floor of the CME Group, Joe Vaclavik gives his observations of Tuesday’s markets.

Vaclavik: “Grain markets traded sharply lower today ahead of tomorrow’s blockbuster USDA report. Of course tomorrow morning at 7:30 a.m. we are going to have new production, and supply and demand estimates from USDA on corn, soybeans and wheat. Now this report tomorrow is wide open. It’s got potential to be extremely bullish. Its got potential to be extremely bearish.”

Chicago September Wheat ended Tuesday down 8 and 1/4 cents at 8-60. September corn ended the day up 1 and 1/4 cents at 7-82 and a 1/4.

Portland prices for soft white wheat and club wheat were down 5 to 15 cents at mostly 8-72. Hard Red Winter Wheat with 11.5 pct protein prices were down a half cent at mostly 9-41. DNS wheat with 14 pct protein prices were down a 1/4 of a cent ranging between 9-75 to 9-95.

October live cattle were up Tuesday $1.35 at 127-10. September Feeder cattle were down 30 cents at 144-65. September class III milk was up 3 cents at 18-81.

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