Wheat Market Shows Weakness

The wheat market was down 6 1/2 cents on the day into the mid-session as the market absorbed a jump in the US dollar to near a 1-month high. In addition, talk of increased competition from India ahead and continued good weather for the US planting season added to the bearish tone. Talk of higher than expected production out of Australia and news from China that actual imports could be well below earlier expectations were also seen as negative forces. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday's markets.

Horwitz: "Wednesday's grain trade saw pretty much of a mixed market as finally wheat showed a little bit of weakness, little bit of trouble in the KC wheat actually brought the entire complex down. Corn pretty neutral and soybeans a little higher but what we are seeing is a continuation of the overall trends. As the debt ceiling debate is over, we should begin to see more data coming into this complex."

Chicago December Wheat ended Wednesday down 4 and 1/4 cents at 6-81 and 1/2. December corn ended the day down 3/4 of a cent at 4-42 and 3/4.??Portland prices are unavailable until government services resume.

?December live cattle were up 50 cents Wednesday at 133-25. November Feeder cattle were up 22 and half cents at 167-72 and half. November class III milk was up 11 cents at 18-28.