Wheat Market Down Sharply

Wheat Market Down Sharply

I’m KayDee Gilkey with the Market Line Report for Sept. 18, 2012. ?
Monday’s lower trade was attributed to weaker trade in corn and traders heading to the sidelines as tensions escalate in the Middle East. From the floor of the CME Group, Greg Wagner gives his observations of Monday’s markets.?

Wagner: “It’s really been an extraordinary day here. Extraordinary day to start the week with, extraordinary day in any circumstances. Sharp losses across the board and nothing you could see in the grain markets evidently get decoupled and derailed on the downside for no apparent reason. There isn’t fundamental identifier here as far as a price action. In other words what occurred from over the weekend to say that soybeans limit down, corn down 34 and the wheat down in the double digits as well.”

Chicago December Wheat ended Monday down 46 and 1/4 cents at 8-78. December corn ended the day down 34 cents at 7-48.

Portland prices for soft white wheat and club wheat were down 35 to 40 cents at mostly 8-71. Hard Red Winter Wheat with 11.5 pct protein prices were down 46 and 3/4 cents at mostly 9-41 and 1/4. DNS wheat with 14 pct protein prices were down 47 and 1/4 cents at 9-80 and 3/4.

October live cattle were down Monday $1.55 at 125-50. October Feeder cattle were up 38 cents at 147 even. October class III milk was down 13 cents at 18-86.

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