Wheat Markets Unwound Down

I'm KayDee Gilkey with the Market Line Report for October 16, 2013. ?

December wheat closed 6 3/4 cents lower on the session and near the lows of the day on Tuesday. Ideas that the market is overbought plus news from India seemed to be enough to pressure. India may soon cut the floor price for exports by 13% in order to jump-start their export program on the world market and this news plus a strong jump in the US dollar helped to spark the selling. In addition, the jump in corn values prompted liquidation out of the wheat/corn spread. From the floor of the CME Group, Frank Lesh shares his observations of Tuesday's markets.

Lesh: "Well for Tuesday's trade in the agricultural markets we had December corn up 6 cents, November soybeans down 6 cents and December wheat down 6 cents also. From Friday's close, the December corn the only one off up about 10 cents off that close and the wheat is down about 7 from that higher close from last week. Well, we have weather markets going on now except the weather markets are in South America."

Chicago December Wheat ended Tuesday down 6 and 3/4 cents at 6-85 and 3/4. December corn ended the day up 6 and 1/2 cents at 4-43 and 1/2.??Portland prices are unavailable until government services resume.

?December live cattle were down 40 cents Tuesday at 132-75. November Feeder cattle were down $1.90 at 167-50. November class III milk was down a nickel at 18-17.