Wheat Market Nearly Unchanged

Wheat Market Nearly Unchanged
I’m KayDee Gilkey with the Market Line Report for Oct. 17, 2012. ?
December Chicago wheat ended the day Tuesday slightly lower while KC and Minneapolis saw marginal gains. The fact that the US remains behind the average pace needed to reach this year's USDA export goal as well as being overprice relative to other world origins is a short term negative and continues to add a bearish tilt to the market. From the floor of the CME Group, Chris Robinson shares his observations of Tuesday’s markets.

Robinson: “Kinda of an inside day, a rebound, not your typical rebound Tuesday. Yesterday we had three-month lows in the wheat and three-month lows in the soybeans, corn kinda held in there. Today kinda an uneventful trading day.”

Chicago December Wheat ended Tuesday down 1/2 cent at 8-47 and 3/4. December corn ended the day up a penny at 7-38 and 1/4.

Portland prices for soft white wheat and club wheat were had no price comparisons but were at mostly 8-61 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/2 cents at mostly 9-50 and 3/4. DNS wheat with 14 pct protein prices were up 3 and 1/2 cents at mostly 9-97 and 1/2.

October live cattle were up Tuesday $1.40 at 125-55. October Feeder cattle were up $1.75 at 146-10. October class III milk was down 11 cents at 21-05.

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