Wheat Markets Slightly Lower

I’m KayDee Gilkey with the Market Line Report for August 12, 2013.

Wheat futures followed corn lower Friday with losses led by the Chicago market. Kansas City held up rather well against the pressure and extended its premium to Chicago wheat. Strong nearby cash premiums and favorable export demand are seen as supportive influences. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “We have lower markets on Friday’s trade in here -- corn was down 7 cents and wheat at 6 cents. Wheat sales also at a high we are up about 11 percent above for the five-year-average wheat sales as well. But right now these lower corn prices are just going to reduce any demand that we have for feed wheat out there right now. That is the story for Friday’s trade.”

Chicago September Wheat ended Friday down 7 and 3/4 cents at 6-33 and 1/2. September corn ended the day down 7 and 3/4 cents at 4-65 and 3/4.??Portland prices for soft white wheat and club wheat were mixed down 3 and 1/2 to up 10 cents at mostly 7-19 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 4 and 3/4 cents at mostly 8-05 and 1/4. DNS wheat with 14 pct protein prices were mixed down 1 and 1/2 to up 3 and 1/2 cents at mostly 8-32. ??October live cattle were down 20 cents Friday at 126-87 and half. September Feeder cattle were down 35 cents at 157-47 and half. September class III milk was down 33 cents at 18-05.