Wheat Market Nearly Unchanged

Wheat Market Nearly Unchanged

I’m KayDee Gilkey with the Market Line Report for Oct. 4, 2012. ?

The wheat market rallied late in the session after corn and soybeans climbed off session lows and turned positive on Wednesday. From the floor of the CME Group, Gary Wagner shares his observations of Wednesday’s markets.
Wagner: “Wheat right now is struggling with issues that we lost out on tender to Egypt and some other fundamental factors regarding weather but all in all the wheat market is a jump ball. We will get a better picture of what USDA is thinking with the WASDE report that comes out in tandem with the Crop Production Report next Thursday, Oct. 11th.”

Chicago December Wheat ended Wednesday up 1 and 1/2 cents at 8-73. December corn ended the day down 1 and 1/2 cents at 7-56 and 3/4.

Portland prices for soft white wheat and club wheat were mixed down 1 and 1/2 cents to up 6 and 1/2 cents at mostly 8-65 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 1 and 1/4 cents at mostly 9-51. DNS wheat with 14 pct protein prices were up 5 and 1/2 cents to 10 and 1/2 cents ranging between 9-89 and 3/4 and 10-14 and 3/4.

October live cattle were down Wednesday 20 cents at 123-08. October Feeder cattle were down 8 cents at 145-30. October class III milk was up 7 cents at 21-17.

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