Wheat Market Closed Lower

Wheat Market Closed Lower

I’m KayDee Gilkey with the Market Line Report for Nov. 14, 2012, from the Tri-State Grain Growers Convention in Coeur d’Alene. ?
December Chicago wheat traded lower on the day but managed to settle off the session lows as corn and soybeans moved higher on the day Tuesday. The slow pace of exports continues to be a drag on wheat prices in the short term.From the floor of the CME Group, Frank Lesh shares his observations of Tuesday’s markets.

Lesh: “You know we had a bearish report from the USDA on Friday. Actually that was reflected in wheat down to about 4-week lows after that report. Right now we are looking at of course, South American weather and we do have some better prospects out there.”

Chicago December Wheat ended Tuesday down 6 and 3/4 cents at 8-51. December corn ended the day up 5 and 1/2 cents at 7-23 and 1/2.

Portland prices for soft white wheat and club wheat were mixed down 1 and 3/4 to 2 and 1/4 cents ranging between 8-65 and 8-71. Hard Red Winter Wheat with 11.5 pct protein prices were down 3/4 of a cent to 2 and 3/4 at mostly 9-72 and 3/4. DNS wheat with 14 pct protein prices were down 2 and 1/4 to 7 and 1/4 cents at mostly 10-05 and 1/4.
December live cattle were up Tuesday 40 cents at 125-80. November Feeder cattle were down 48 cents at 143-53. November class III milk was up a dime at 20-90.