Slightly Lower Wheat Market

Slightly Lower Wheat Market

I’m KayDee Gilkey with the Market Line Report for Dec. 4, 2012. ?

Early gains were seen after it was reported that the US sold Egypt wheat over the weekend. Early strength was also linked to a lower US dollar and weather patterns that look less than ideal in Argentina. Day ended on low-range of wheat trade with slight losses. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “Now the corn and the wheat sold off. We were trading lower on the day closer to unchanged in the last few minutes here. But not a real positive technical action in the corn or the wheat. I really think all this stuff is stuck between a rock and a hard place right now.”

Chicago December Wheat ended Monday down 2 and 3/4 cents at 8-42. December corn ended the day up a penny at 7-49.

Portland prices for soft white wheat and club wheat were mixed down 2 3/4 to up 9 cents at mostly 8-78 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 6 1/2 cents at mostly 9-87 and 3/4. DNS wheat with 14 pct protein prices were down 4 and 1/2 cents at mostly 10-15 and 1/4.

December live cattle were up Monday 28 cents at 127 even. January Feeder cattle were down 3 cents at 145-60. December class III milk was down 16 cents at 18-58.