Wheat Market Slides Lower

Wheat Market Slides Lower 

I’m KayDee Gilkey with the Market Line Report for Sept. 19, 2012.

Grain trade continued to see pressure from long liquidation as buying 

interest failed to materialize. From the floor of the CME Group, Virginia McGathey gives her observations of Tuesday’s markets.

McGathey: “Today on the grain floor we continued to slide a little bit lower on yesterday’s big sell-off. The market really tried to stabilize somewhat but with the lack of  any bullish news. We are in the harvest right now and we’re getting some technical pressures really starting to push the market down. There just isn’t anything that can improve the market right now, we’ve been so overbought for a long time, it really started to slip. It looked like almost at one point that maybe we were oversold with the market really being down so hard yesterday, but that wasn’t to be.”

Chicago December Wheat ended Tuesday down 14 and 1/2 cents at 8-63 and 1/2. December corn ended the day down 8 cents at 7-40.

Portland prices for soft white wheat and club wheat were down 11 and half to 15 cents at mostly 8-59 and a 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 12 and 1/4 cents at mostly 9-29. DNS wheat with 14 pct protein prices were down 6 and 1/4 cents at 9-74 and 1/2. 

October live cattle were up Tuesday 90 cents at 126-40. October Feeder cattle were up 38 cents at 147-38. October class III milk was up 13 cents at 19-97.

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