Wheat Market Sags

Wheat Market Sags

I’m KayDee Gilkey with the Market Line Report for Dec. 28, 2012. ?

Early losses were triggered by a "risk off" tone that swept across the outside markets as many fear no fiscal deal will be reached in Washington DC. From the floor of the CME Group,Greg Wagner shares his observations of Thursday’s markets.

Wagner: “Actually a rather uneventful day today in grains. Not that it wasn’t trading, but there was price pressure coming in once again on the corn and wheat market. We are in a holiday market. Trading has depopulated -- it is vacation time in a way. That is what is reflected in the market right now. So a lot of lethargy -- a lethargic market expect that to continue. After New Year’s next week, things will pick up.”

Chicago March Wheat ended Thursday down 2 and 1/4 cents at 7-72 and 1/4. March corn ended the day down 1 and 3/4 cents at 6-91 and 1/2.

Portland prices for soft white wheat and club wheat were down 2 and 1/4 to 2 and 3/4 cents at mostly 8-42 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 1 and 1/4 cents at mostly 9-14 and 1/4. DNS wheat with 14 pct protein prices were down 4 and 1/4 cents at mostly 9-50 and 3/4.

February live cattle were down Thursday 72 and 1/2 cents at 133-05. January Feeder cattle were down 80 cents at 151-27 and 1/2. January class III milk was up 4 cents at 18-12.