Marginal Gains in Wheat Market

Marginal Gain in Wheat Market

I’m KayDee Gilkey with the Market Line Report for Nov. 29, 2012. ?
Chicago, KC, and Minneapolis wheat ended Wednesday with marginal gains but traded in positive territory throughout the day. From the floor of the CME Group, Tony Danielak shares his observations of Wednesday’s markets.

Danielak: “We’ve seen the market look at it taking a step back. We’ve liquidated the fund long and we’ve got a little more balance in the market and know we are seeing a bounce off the lows. Good little rally last couple of days and now we are going to see a pause. So we see a little something there -- I think that is the trend for the day.”

Chicago December Wheat ended Wednesday up 3 and 1/2 cents at 8-76 and 1/2. December corn ended the day down 1 and 1/4 cents at 7-58 and 3/4.

Portland prices for soft white wheat and club wheat were mixed from down 1 3/4 cents to up 6 cents at mostly 8-97 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 to 10 cents at mostly 10-14 and 1/4. DNS wheat with 14 pct protein prices were up 2 and 1/4 to 11 and 1/4 cents at mostly 10-31 and 3/4.
December live cattle were down Wednesday 55 cents at 127-83. January Feeder cattle were down 85 cents at 146-08. December class III milk was up 25 cents at 19-15.