Wheat Market Lower

Wheat Market Lower
I’m KayDee Gilkey with the Market Line Report for Oct. 26, 2012. ?
Grain contacts closed lower on Thursday as lack of support from outside markets and a higher dollar pressured grains. Soybeans after a three day run closed lower on lack of buying interest. Wheat followed corn and beans lower. From the floor of the CME Group, Frank Lesh shares his observations of Thursday’s markets.

Lesh: “We’ve got lower markets across the board in here. Looks like corn is down 12 cents in the close. Six cents lower on the beans and about 10 cents lower in the wheat. Exports were out this morning and were better than expected for wheat, but much worse than expected for corn and for soybeans. A little different pace than what we’ve seen recently but both corn and beans came in well below the lowest estimates for those exports this morning.”

Chicago December Wheat ended Thursday down 11 and 1/4 cents at 8-72 and 3/4. December corn ended the day down 12 and 1/2 cents at 7-42.

Portland prices for soft white wheat and club wheat were steady to down a dime at mostly 8-82 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 7 to 12 cents at mostly 9-89 and 1/4. DNS wheat with 14 pct protein prices were down 7 and 3/4 to 9 and 3/4 cents at mostly 10-35 and 1/4.

October live cattle were down Thursday 45 cents at 125-75. October Feeder cattle were down 13 cents at 145-30. October class III milk remained unchanged at 21-04.

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