Wheat Market Trades Lower

Wheat Market Trades Lower
I’m KayDee Gilkey with the Market Line Report for Oct. 24, 2012. ?

December Chicago wheat traded lower on the day, Tuesday and led all thee wheat classes in losses. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.

Vaclavik: “The grain markets were mixed today. Everything started the sharply lower. The bigger action in the financial markets here today would have been a big break in the stock market. The Dow Jones was down over 200, S&P Futures sharply lower. The stock market in general taking a big hit here. So the grain markets started sharply lower here today. A lot of the other outside commodities following along. Now late in the day we found some buying. Soybean market actually came back to finish higher on the day. Corn market finished off the lows, wheat finished off the lows. Really not a terrible performance.”

Chicago December Wheat ended Tuesday down 9 and 1/2 cents at 8-68 and 3/4. December corn ended the day down 5 and 1/4 cents at 7-56.

Portland prices for soft white wheat and club wheat had no price comparisons at mostly 8-80. Hard Red Winter Wheat with 11.5 pct protein prices were mixed down 7 and 3/4 cents to up 2 and 1/4 cents at mostly 9-84 and 3/4. DNS wheat with 14 pct protein prices were mixed down 2 and 1/2 to up 27 and 1/2 cents at mostly 10-35 and 1/2.

October live cattle were down Tuesday 40 cents at 126-even. October Feeder cattle were down 25 cents at 145-43. October class III milk was down one cent at 21-04.

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