Wheat Markets Soften and Move Down into the Close

I'm KayDee Gilkey with the Market Line Report for August 29, 2013. Wheat futures favored the upside for much of Wednesday morning, but the markets softened into the close. From the floor of the CME Group, Scott Shallady shares his observations of Wednesday's markets. Shellady: "The grain market as of late has been all over the place -- that tells generally really us that it is the weather market. It is the weather market that a lot of traders were waiting for. And guess what? A lot of traders aren't here to benefit from it. We've had a very thin trader trade and the volumes have been even thinner so it has given us a lot of volatility. Today volatility was down with the general all market sentiment but over the last couple of days -- before today -- we saw big spikes in volatility." Chicago December Wheat ended Wednesday down 4 and 1/4 cents at 6-59 and 1/2. December corn ended the day down 5 and 1/2 cents at 4-80 and 3/4.??Portland prices for soft white wheat were down 4 and 1/4 cents at mostly 7-35 and 3/4. White club wheat was down 4 and 1/4 cents at mostly 7-42 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 3/4 of a cent at mostly 8-18 and 1/4. DNS wheat with 14 pct protein prices were up 3 and 1/2 cents at mostly 8-45 and 1/2. ??October live cattle were up 20 cents Wednesday at 126-92 and half. October Feeder cattle were up 67 and half cents at 157-62 and half. October class III milk was up 13 cents at 18-05.