Wheat Market Attempts Rally, Ends Lower

Wheat Market Attempts Rally, Ends Lower

I’m KayDee Gilkey with the Market Line Report for Oct. 5, 2012. ?
December Chicago wheat finished the day lower despite a sharply lower US Dollar and a surging crude oil market. The stronger trade early on for corn and soybeans helped support but gains eroded near the close which might suggest a bearish bias by some. From the floor of the CME Group, Joe Vaclavik shares his observations of Thursday’s markets.

Vaclavik: “Now the wheat market attempted to rally today but couldn’t hold the higher trade, ended up finishing lower. Same thing happened to corn, traded 7 to 12 higher at one time but ended up closer to unchanged.”

Chicago December Wheat ended Thursday down 3 and 3/4 cents at 8-69 and 1/4. December corn ended the day up 1/4 of a cent at 7-57.

Portland prices for soft white wheat and club wheat were mixed down 3/4 of a cent to up 1 and 1/4 cents at mostly 8-67 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 4 and 1/4 cents at mostly 9-51 and 3/4. DNS wheat with 14 pct protein prices were down 3 and 1/2 cents ranging between 9-86 and 1/4 and 10-11 and 1/4.

October live cattle were down Thursday 75 cents at 122-33. October Feeder cattle were down 83 cents at 144-48. October class III milk was down 11 cents at 21-06.

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