Wheat Market Slightly Lower

Wheat Market Moves Slightly Lower

I’m KayDee Gilkey with the Market Line Report for Sept. 25, 2012. ?

A promising forecast for rain in the western plains along with better the advertised moisture in southern Australia added to the negative trade Monday. Traders continue to watch developments in Russia closely as some expect their export pace to slow as we head into October. This could be supportive to US wheat prices this winter. From the floor of the CME Group, Greg Wagner gives his observations of Monday’s markets.?

Wagner: “Kind of a slow news day. We had export inspections come out. It’s not a big deal, but the trade is watching them. The most robust number came out with wheat with 24 million bushels inspected and that is a robust number for wheat export inspections.”

Chicago December Wheat ended Monday down 5 and 1/4 cents at 8-92. December corn ended the day down 3 and 1/2 cents at 7-44 and 3/4.

Portland prices for soft white wheat and club wheat were down a 1/4 of a cent to 10 cents at mostly 8-77 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 13 cents at mostly 9-53 and 1/4. DNS wheat with 14 pct protein prices were down 7 and 1/4 cents at 10 even.

October live cattle were down Monday 23 cents at 125-30. October Feeder cattle were up 18 cents at 147-40. October class III milk was down 7 cents at 20-14.

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