Wheat Market Has Modest Losses

Wheat Market Has Modest Losses
I’m KayDee Gilkey with the Market Line Report for Oct. 16, 2012. ?Wheat closed with modest losses compared to beans and corn with a late round of buying support. The wheat market saw a brief period of support Monday morning on news that a large US investment bank reiterated its $10.25 price target for wheat by the end of this year. From the floor of the CME Group, Charles Nedoss shares his observations of Monday’s markets.

Nedoss: “Wheat again taken lower in sympathy of beans. Look for any export developments. Also watch the dollar. The dollar made a key move today and firmed we did find some support under the 20-day moving average. That also let some pressure on the grain markets today.”

Chicago December Wheat ended Monday down 8 and 1/2 cents at 8-48 and 1/4. December corn ended the day down 15 and 1/2 cents at 7-37 and 1/4.

Portland prices for soft white wheat and club wheat were down 6 and 3/4 to 8 and 1/2 cents ranging between 8-63 and 1/4 and 8-73 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were mixed from down 9 cents to up 6 cents at mostly 9-49 and 1/4. DNS wheat with 14 pct protein prices were down 3 and 1/4 cents at mostly 9-94.

October live cattle were up Monday 25 cents at 124-15. October Feeder cattle were up $1.25 at 144-35. October class III milk was up 2 cents at 21-16.

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