Wheat Market Higher with a Late Rally Erasing Losses

Wheat Market Higher with a Late Rally Erasing Losses

I’m KayDee Gilkey with the Market Line Report for Sept. 13, 2012. ?
Wheat futures were highly choppy Wednesday, but rallied into the close to end slightly to moderately higher at all three exchanges. From the floor of the CME Group, Dan Smith gives his observations of Wednesday’s markets.?

Smith: “Well the trade today was basically all the USDA numbers. On the wheat front, numbers were left the same with a carryout 743. The big number here is that they didn’t reduce the Australian wheat crop which they left it at 29 million metric tonnes, most traders feel that that wheat number could be as low as 22 million metric tonnes. With that we saw a sporadic trade in the grains today with corn closing lower, beans and wheat closing higher. To this trader it is always the second day after a report that gives meaning to that report.”

Chicago September Wheat ended Wednesday up 7 cents at 8-67. September corn ended the day down 11 and 1/4 cents at 7-71.

Portland prices for soft white wheat and club wheat were up 5 to 10 cents at mostly 8-76. Hard Red Winter Wheat with 11.5 pct protein prices were up up 8 and half to 13 and half cents at mostly 9-54 and a half. DNS wheat with 14 pct protein prices were up 16 and half cents ranging between 9-91 to 10-11 and half.

October live cattle were up Wednesday 60 cents at 127-70. September Feeder cattle were up 30 cents at 144-95. September class III milk was unchanged at 18-81.

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