Wheat Market Faced Pressure by USDA Report Data

 The USDA report for wheat was considered bearish against trade expectations. From the floor of the CME Group, Chris Robinson shares his observations of Friday’s markets.

Robinson: “Well today, Friday, we had our USDA Report -- long awaited. Basically the biggest shocker was that they increased carryouts across the board and they also raised the anticipated production. It was enough to really set off a good selling wave. It was lead by the beans. The wheat also tried to hold up early, as we had a good past four or five days in the wheat and that also fell out of bed.”

Chicago December Wheat ended Friday down 16 cents at 8-86 and 1/2. December corn ended the day down 2 and 1/2 cents at 7-38 and 3/4.

Portland prices for soft white wheat and club wheat were down 8 and 1/2 to 22 and 1/2 cents at mostly 8-88 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 14 and 3/4 cents at mostly 10-02 and 1/4. DNS wheat with 14 pct protein prices were down a8 and 1/4 cents at mostly 10-32 and 1/2.

December live cattle were up Friday 33 cents at 125-75. November Feeder cattle were down 30 cents at 144-20. November class III milk was down 12 cents at 20-78.
 

The market was closed today for Veteran's Day.