Wheat Market Again Lower

Wheat Market Again Lower
I’m KayDee Gilkey with the Market Line Report for Oct. 3, 2012. ?

Wheat futures faced pressure throughout the day, but they did move off their lows into the close on Tuesday. Recent rainfall in Oklahoma and southern Kansas has helped soil conditions and early germination however Nebraska, central Kansas, and north central Kansas continue to suffer from dry conditions which could add support to prices down the road. From the floor of the CME Group, Frank Lesh shares his observations of Tuesday’s markets.
Lesh: “Winter wheat about 40 percent planted at the present time and that is about a little less than 47 percent 10-year average at this time.”

Chicago December Wheat ended Tuesday down 12 and 3/4 cents at 8-71 and 1/2. December corn ended the day up 1 and 1/2 cents at 7-58 and 1/4.

Portland prices for soft white wheat and club wheat were down 12 and 3/4 cents at mostly 8-64 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 14 and 3/4 cents at mostly 9-50 and 1/4. DNS wheat with 14 pct protein prices were down 13 and 1/4 cents ranging between 9-84 and 1/4 and 10-04 and 1/4.

October live cattle were up Tuesday 25 cents at 123-28. October Feeder cattle were up 70 cents at 145-38. October class III milk was down 3 cents at 21-10.

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