Wheat Market Finds Strong Buying Support Into Close

The supply and demand report was bearish for corn and wheat. Corn projected yield increasing to over 155 bpa when most analysts were projecting further cuts. Wheat ending stocks were increased 4 million bushels for the US and supplies were increased 4 million metric tons for the world. From the floor of the CME Group, Alex Norton shares his observations of Thursday's markets.

Norton: "Today's markets were pretty interesting following September's USDA crop report. On corn yields were actually increased despite expectations for a decrease due to the warm weather and dryness that has been experienced across the corn belt. Wheat markets basically followed corn a little bit lower. No real change to that balance sheets. Increase on the exports from Canada really led that bearish side but for the most part wheat was mostly following corn lower."

Chicago December Wheat ended Thursday up a nickel at 6-53. December corn ended the day down 6 and 1/4 cents at 4-66 and 1/4.??Portland prices for soft white wheat were down 7 to 23 cents at mostly 7-19. White club wheat were down 10 to 28 cents at mostly 7-26 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 to 7 cents at mostly 8-18 and 3/4. DNS wheat with 14 pct protein was not issue bids for nearby delivery.

?October live cattle were down 22 and half cents Thursday at 124-82 and half. October Feeder cattle were up 37 and half cents at 158-60. October class III milk was up 6 cents at 18-29.