Wheat Market Follows Corn Down

Wheat Market Follows Corn Down

I’m KayDee Gilkey with the Market Line Report for Dec. 10, 2012. ?

March Chicago and KC wheat traded slightly lower on the day Friday but managed to hold up rather well against sharp declines in corn and soybeans. Futures posted little net change for the week. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.

Barnett: “It was a down day across the floor. We had a about 12 cents loss here about five minutes before the close in the corn market, 11 cents loss in soybeans and wheat down about a penny. So losses in corn has been driven bycouple things, the main thing is a lack of demand. Particularly export demand, this week’s export sales were only 50,000 tons, an anemic export pace but corn continues. We expect that to change, but we’ve been saying that for weeks and so far we haven’t seen it.”

Chicago December Wheat ended Friday down a penny at 8-44 and 1/4. December corn ended the day down 15 cents at 7-32 and 3/4.

Portland prices for soft white wheat and club wheat were up 2 cents at mostly 8-84 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/4 to 4 and 1/4 cents at mostly 9-95. DNS wheat with 14 pct protein prices were up 3 cents at mostly 10-20 and 1/4.

December live cattle were down Friday 20 cents at 125-88. January Feeder cattle were up 53 cents at 148-78. December class III milk was up a penny at 18-51.