Wheat Market Close With Modest Losses

Wheat Market Close with Modest Losses

I’m KayDee Gilkey with the Market Line Report for Dec. 14, 2012. ?
March Chicago and KC wheat traded lower on the day Thursday. One bright spot for the recently dismal wheat market is that soft white wheat export sales are running well above what is needed on a weekly basis to meet year end projections. From the floor of the CME Group, Kevin Craney shares his observations of Thursday’s markets.

Craney: “Wheat really falling, continue to fall after the USDA report earlier this week showing that there is plenty of wheat around the world and here in the United States. That really putting more pressure on wheat, we continue to see that follow through selling today looking for a little bit more firmer support. We can find a base and maybe find our way back up.”

Chicago March Wheat ended Thursday down 3 and 1/2 cents at 8-08. March corn ended the day down 5 and 1/4 cents at 7-20 and 1/4.

Portland prices for soft white wheat and club wheat were up 1 and 1/2 to 6 and 1/2 cents at mostly 8-41. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 1/2 cents at mostly 9-45 and 3/4. DNS wheat with 14 pct protein prices were down 4 and 1/4 cents at mostly 9-84 and 3/4.

February live cattle were down Thursday 33 cents at 131-48. January Feeder cattle were up 38 cents at 153-13. January class III milk was down 60 cents at 17-56.