All Three Grain Markets Closed Lower

I’m KayDee Gilkey with the Market Line Report for August 23, 2013.

All three grain markets were down on Thursday. The softening corn futures caused spillover pressure for wheat. From the floor of the CME Group, Greg Wagner shares his observations of Thursday’s markets.

Wagner: “As far as the wheat market is concerned, what can you say about wheat. It is has the characteristics of a wac-the-mole type affair. Every time it rallies it gets wacked and then goes lower. You take a look at a wheat chart -- for you technicians -- what you have a text book picture or template of a downtrending market. It appears that there is no end in sight, any time soon.”

Chicago September Wheat ended Thursday down 8 and 1/4 cents at 6-30 and 1/2 . September corn ended the day down 10 and 1/2 cents at 4-87 and 3/4.??Portland prices for soft white wheat were down 8 and 1/4 cents at mostly 7-25 and 1/2. White club wheat was down 4 and 1/2 to 8 and 1/4 cents at mostly 7-32 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 1/4 to 5 and 1/4 cents at mostly 8-08 and 1/4. DNS wheat with 14 pct protein prices were down 9 and 1/2 to 14 and 1/2 cents at mostly 8-25 and 1/4. ??October live cattle were down 77 and half cents Thursday at 127-20. September Feeder cattle were unchanged at 157-70. September class III milk was down 16 cents at 17-03.