Wheat Market Attempted Rally on Friday

Wheat Market Attempted Rally
I’m KayDee Gilkey with the Market Line Report for Nov. 5, 2012. ?

Wheat futures saw another choppy week of trade and finished near steady to marginally higher for the week. Deteriorating crop conditions in the plains, a forecast for warm and dry weather over the next week and news of another downgrade in Argentina production were all seen as positive forces which helped to support. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.

Barnett: “Wheat holds in pretty good today, tried to rally actually early in the day. European wheat prices may tip out in France, flirting with record highs. Looks like a pretty bullish chart, if they do get there signaling the beginning of a upside of a break out. That indicates again that in the global market there is a lot of demand and starting to whittle down supply in the Black Sea and in some other places leads to limited options.”

Chicago December Wheat ended Friday down 4 cents at 8-64 and 1/2. December corn ended the day down 11 and 1/2 cents at 7-39 and 1/4.

Portland prices for soft white wheat and club wheat were down 4 to 10 cents at mostly 8-75 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 1/4 of a cent at mostly 9-93 and 3/4. DNS wheat with 14 pct protein prices were down 3 cents at mostly 10-27 and 1/4.
December live cattle were up Friday a dime at 125-43. November Feeder cattle were up 25 cents at 144-90. November class III milk was up 10 cents at 21-20.