Wheat Market Moves Back Down After Heavy Profit-taking Pressure

Wheat Market Moves Back Down After Heavy Profit-taking Pressure

Wheat Market Moves Back Down After Heavy Profit-taking Pressure
I’m KayDee Gilkey with the Market Line Report for Oct. 15, 2012. ?

Grains failed to maintain Thursday’s sharp rally on Friday due to lack of follow through buying as long liquidation sparked a sharp sell-off to end the week. From the floor of the CME Group, Lincoln Ellis shares his observations of Friday’s markets.

Ellis: “Very interesting day in Friday’s grain trade. A significant reversal off of the back of Thursday’s USDA and WASDE supply reports. The initial reaction was a drawdown in some of the stocks particularly in the corn complex and the bean complex. Remember we are still near historic highs. this kind of volatility accompanying new highs is not a surprise but I would expect more of the same as we move through the next couple of weeks.”

Chicago December Wheat ended Friday down 29 and 1/4 cents at 8-56 and 3/4. December corn ended the day down 20 and 1/2 cents at 7-52 and 3/4.

Portland prices for soft white wheat and club wheat were not available. Hard Red Winter Wheat with 11.5 pct protein prices were down 27 and 3/4 at mostly 9-53 and 1/4. DNS wheat with 14 pct protein prices were down 22 and 1/2 cents at mostly 9-97 and 1/4.

October live cattle were down Friday 70 cents at 123-90. October Feeder cattle were up 35 cents at 143-10. October class III milk was up 2 cents at 21-14.

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

Previous ReportBullish USDA Report Boosts Grain Markets
Next ReportWheat Market Has Modest Losses