Wheat Market Mixed

I’m KayDee Gilkey with the Market Line Report for August 9, 2013.

Wheat attempted to move higher in sympathy with corn and soybeans but concerns U.S. wheat is uncompetitively priced relative to cheaper global supplies sent prices lower. From the floor of the CME Group, Greg Wagner shares his observations ofThursday’s markets.

Wagner: “We’re going to see what happens in Monday’s Crop Report - August 12th that is really where the rubber going to hit the road. I would say the corn and wheat market is basing here -- in other words sidewise action over the past three days. Corn closed at $4-59 and 3/4, a penny and 1/2 higher in the new crop, December Corn. December wheat settling 2 and 1/2 cents lower roughly $6-53 and 1/4.”

Chicago September Wheat ended Thursday down 2 and 1/4 cents at 6-41 and 1/4. September corn ended the day up 5 and 1/4 cents at 4-73 and 1/2.??Portland prices for soft white wheat and club wheat were steady to down 3 cents at mostly 7-21 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 cents at mostly 8-10. DNS wheat with 14 pct protein prices were down 2 and 3/4 cents at mostly 8-32 and 1/2. ??October live cattle were up $2.40 Thursday at 127-07 and half. September Feeder cattle were up $1.45 at 157-82 and half. September class III milk was up 24 cents at 18-38.