Wheat Markets Finish Lower

I’m KayDee Gilkey with the Market Line Report for August 22, 2013.

Wheat futures treaded water for most of the session after surging higher at the opening bell with the corn market. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.

Horwitz: “Wednesday all grains closed higher once again as we assault. And wheat continues to be a laggard although higher today, still way, way down compared to the rest of the grains. And certainly we’d look for December wheat to be a seller at $6.60 - $6.80 level because the trend is just brutal in the wheat market and it continues to be the weakest in the grain market.”

Chicago September Wheat ended Wednesday down 7 and 1/4 cents at 6-34 and 1/4 . September corn ended the day down 9 and 1/2 cents at 4-83 and 3/4.??Portland prices for soft white wheat were up 3 and 3/4 to 4 and 1/2 cents at mostly 7-34. White club wheat was up 4 and 1/2 to 15 and 3/4 cents at mostly 7-39. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 3/4 to 2 and 3/4 cents at mostly 8-12 and 1/2. DNS wheat with 14 pct protein prices were down 4 and 1/4 to 6 and 1/4 cents at mostly 8-36 and 3/4. ??October live cattle were down 17 and half cents Wednesday at 127-97 and half. September Feeder cattle were down 55 cents at 157-70. September class III milk was down 37 cents at 17-56.