Wheat Market Down

I’m KayDee Gilkey with the Market Line Report for August 7, 2013.

Wheat futures ended the day sharply lower and the December Chicago contract forged a new low for the move. From the floor of the CME Group, Todd Howitz shares his observations of Wednesday’s markets.

Horwitz: “Wednesday’s grain trade saw a pretty much mixed market -- new crop still under severe pressure and old crop little bit of a rally. But I think what we need to look for is to continue the same tack here. We are in a severe downturn so you want to look for spots to be short. Now we are awaiting the crop report coming out on Monday so the action is partly muted and plus it is the heat of summer and the summer doldrums in all markets as business is lacking.”

Chicago September Wheat ended Wednesday down 7 cents at 6-43 and 1/2. September corn ended the day down 4 cents at 4-68 and 1/4.??

Portland prices for soft white wheat and club wheat were down a 1/2 of a cent to 5 and 1/2 cents at 7-23. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 cents at mostly 8-07. DNS wheat with 14 pct protein prices were down 3 and 1/4 to 8 and 1/4 cents at mostly 8-35 and 1/4.

October live cattle were steady Wednesday at 124-67 and half. September Feeder cattle were down $1.27 and half at 156-37 and half. September class III milk was up 45 cents at 18-14.