Wheat Market Continues to Slide

Wheat Market Continues Slide Lower

I’m KayDee Gilkey with the Market Line Report for Dec. 13, 2012. ?

March Chicago and KC wheat traded lower on the day Wednesday as the market followed through with the weakness seen on Tuesday. Many traders believe the sharp decline in prices the last two days will bring in more export demand which may stabilize futures in the short term. From the floor of the CME Group, Jack Scoville shares his observations of Wednesday’s markets.

Scoville: “Wheat and corn trading lower through the day. Wheat got very close to its 200-day moving average in the March charts and moving average crossed just above 8-07. We got down to about 8-09 here today and then tried to rally above that. The ability to stay above the 200-day moving average will probably be the indicator tomorrow of whether we going to be able to rally the market back up a bit or whether if we are going to see another round of technical selling to finish the week out.”

Chicago March Wheat ended Wednesday down 9 and 1/2 cents at 8-12. March corn ended the day down 2 and 1/2 cents at 7-25 and 1/2.

Portland prices for soft white wheat and club wheat were down 9 and 1/2 cents at mostly 8-37. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 and 1/4 cents at mostly 9-48 and 1/4. DNS wheat with 14 pct protein prices were down 7 cents at mostly 9-89.

February live cattle were down Wednesday 15 cents at 131-80. January Feeder cattle were up 68 cents at 152-75. January class III milk was down 20 cents at 18-16.