Wheat Market Has Modest Gains

Wheat Market Has Modest Gains

I’m KayDee Gilkey with the Market Line Report for Oct. 10, 2012. ?
Grains over all had a quiet session on Tuesday as wheat and soybeans closed with slight to modest gains and corn closed unchanged.  Outside markets were mixed with the dollar having solid gains; US stocks were lower and crude oil higher. From the floor of the CME Group, Chris Robinson shares his observations of Tuesday’s markets.

Robinson: “Wheat continues to be in a pennant formation; with resistance at the $9 level and really good support at $8-50. I image tomorrow we will have a quiet trade as traders even up in front of the USDA report that is again coming out on Thursday morning first thing at 7:30 a.m. We’ll see how that plays out. Fundamentally there isn’t a whole lot of news out there.”

Chicago December Wheat ended Tuesday up 3 and 1/4 cents at 8-64 and 1/4. December corn ended the day steady at 7-42.

Portland prices for soft white wheat and club wheat were up 4 to 24 and 1/4 cents at mostly 8-75 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 6 cents at mostly 9-53 and 3/4. DNS wheat with 14 pct protein prices had no price comparison at mostly 9-88.
October live cattle were up Tuesday $1.35 at 124-70. October Feeder cattle were down 13 cents at 144-70. October class III milk was down 4 cents at 21-01.

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