Wheat Market Softens and Moves Lower

Wheat Market Softens and Moves Lower

I’m KayDee Gilkey with the Market Line Report for Dec. 18, 2012. ?

March Chicago and KC wheat traded lower on the day Monday following forecasts that show a more active rainfall pattern next week and possibly over the next two weeks. From the floor of the CME Group, Chris Robinson shares his observations of Monday’s markets.

Robinson: “Quite honestly, this time of the year, it’s the holiday trade closing in on Christmas and New Year’s. There just isn’t whole lot of trading volume outside of the early morning and then on the close. It is just seasonly what happens. There isn’t a lot of interest. A lot of people, f they are trading for a living, they are closing their books up. There just isn’t a lot of activity and therefore you can get some volatility, which may or may not have some significance. The biggest thing traders are focusing ahead is the January 11th Crop Report.”

Chicago March Wheat ended Monday down 6 cents at 8-08. March corn ended the day down 6 3/4 cents at 7-24.

Portland prices for soft white wheat and club wheat were down a penny at mostly 8-45 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 8 cents at mostly 9-39 and 1/4. DNS wheat with 14 pct protein prices were down 6 and 3/4 cents at mostly 9-79 and 1/4.

Both live and feeder cattle markets are continuing strong. February live cattle were up Monday 90 cents at 133-50. January Feeder cattle were up $1.17 and 1/2 at 154-25. January class III milk was up 6 cents at 17-81.