Wheat Futures Have Modest Gains

I'm KayDee Gilkey with the Market Line Report for September 9, 2013. ? Wheat futures closed out Friday with modest corrective gains. Wheat futures still posted slight losses for the week. Wheat will continue to turn to the corn market for price direction. From the floor of the CME Group, Scott Shellady shares his observations of Friday's markets. Shellady: "Well quiet end to the week. Everything on the plus side -- beans not so much. Decs corn and Decs wheat up 6 or 7 cents. Is that significant? Not really in the scheme of things -- I saw the volumes today they were very paltry. Due to a lack of affect and the holiday at the same time we had some things happening to the money movements in over in the equity world as well as the fixed income world." Chicago December Wheat ended Friday up 7 and 1/2 cents at 6-47 and 3/4. December corn ended the day up 7 and 1/4 cents at 4-68 and 1/4.??Portland prices for soft white wheat were up 2 to 19 and 3/4 cents at mostly 7-35 and 3/4. White club wheat were up 2 to 7 and 1/2 cents at mostly 7-43 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 6 and 1/4 to 11 and 1/4 cents at mostly 8-12 and 1/2. DNS wheat with 14 pct protein prices were up 1 and 1/2 cents at mostly 8-35 and 3/4. ??October live cattle were up 45 cents Friday at 126-67 and half. October Feeder cattle were down 77 and half cents at 158-02 and half. October class III milk was down 25 cents at 17-86.