Wheat Market Slides Lower

Wheat Market Slides Lower

I’m KayDee Gilkey with the Market Line Report for Oct. 8, 2012. ?
Weakness in the corn market plus sluggish export demand news and talk of improving weather for the new crop later this week helped to pressure the wheat market on Friday. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.

Barnett: “We are anticipating the Black Sea will start to slow down their export demand. It came out today that Russia is throwing another million tons of their intervention stocks out into the open market. But in the big picture the USDA attache lowered the size of the crop for Russia by another million tons to 40 and that just underscores that we expect them to be out of the export market by November. Then we will see what the story holds for wheat and our ability to get some sales.”

Chicago December Wheat ended Friday down 11 and 3/4 cents at 8-57 and 1/2. December corn ended the day down 9 cents at 7-48.

Portland prices for soft white wheat and club wheat were down 4 and 1/4 cents to 11 and 3/4 cents at mostly 8-62. Hard Red Winter Wheat with 11.5 pct protein prices were down 8 cents at mostly 9-43 and 3/4. DNS wheat with 14 pct protein prices were down 6 and 3/4 cents ranging between 9-79 and 1/2 and 10-04 and 1/2.

October live cattle were up Friday 73 cents at 123-05. October Feeder cattle were up 35 cents at 144-83. October class III milk was down 16 cents at 20-90.

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