Modest Loss in Wheat Market

Modest loss in Wheat Market

I’m KayDee Gilkey with the Market Line Report for Nov. 30, 2012. ?
Chicago and KC wheat traded lower into the closing bell on light profit taking following an export sales report that came in below market expectations on Thursday. From the floor of the CME Group, Jack Scoville shares his observations of Thursday’s markets.

Scoville: “Corn and wheat getting some selling pressure from the fact that tomorrow first notice day for December contracts. Some liquidations selling showing up in the front months, especially the December contracts. Spreads were weak most of the day. That selling should be done now, there may be a little bit left for tomorrow but after that I suspect we will go back to the fundamentals of supply and demand and supply is tight.”

Chicago December Wheat ended Thursday down 6 and 3/4 cents at 8-69 and 1/4. December corn ended the day down 8 and 3/4 cents at 7-51 and 1/2.

Portland prices for soft white wheat and club wheat were down 5 3/4 to 11 cents at mostly 8-86 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 1 1/4 cents at mostly 10-14. DNS wheat with 14 pct protein prices were down 1 and 1/2 cents at mostly 10-30 and 1/4.
December live cattle were up Thursday 38 cents at 128-20. January Feeder cattle were up 68 cents at 146-75. December class III milk was down 8 cents at 19-07.