Wheat Market Trades Lower

Wheat Market Trades Lower

I’m KayDee Gilkey with the Market Line Report for Dec. 20, 2012. ?
March Chicago and KC wheat traded lower on the day Wednesday but held up rather well against sharp declines in the corn and soybean markets. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “Rough day in the grain markets here today in Chicago. We had soybeans down sharply with 30 plus cents losses in most nearby contracts. Double digit losses in most nearby corn contracts as well. The wheat market held up the best, but still finished lower on the day. So we will see what happens moving forward. We kind of have a year-end trade -- liquidity could get a little thin and maybe some bigger swings, so be prepared for that. We’ve got export sales out tomorrow morning.”

Chicago March Wheat ended Wednesday down 5 and 1/2 cents at 8-05 and 3/4. March corn ended the day down 17 cents at 7-03.

Portland prices for soft white wheat and club wheat were down a 1/2 of a cent to 5 and 1/2 cents at mostly 8-53 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were mixed up 1 and 1/2 to down 2 and 1/2 cents at mostly 9-43. DNS wheat with 14 pct protein prices were down 5 and 3/4 cents at mostly 9-77 and 1/2.

February live cattle were up Wednesday $1.40 at 134-35. January Feeder cattle were up $1.27 and 1/2 at 153-47 and 1/2. January class III milk was down 13 cents at 17-93.