Wheat Closed Lower on Monday

Wheat markets were lower on Monday as the talk of the overbought condition of the market, some reporting errors in last week's Argentina wheat crop predication and ideas that more rains in the US plains will support good conditions before dormancy were all factors to help pressure the market. From the floor of the CME Group, Kyle Schrad shares his observations of Monday's markets.

Schrad: "Looking at the corn and wheat markets. The story on wheat was about the Argentine market, the government on Friday came out with a report that estimate their wheat production at 8.8 million metric tons. They came out today and said that was incorrect. They are looking at a production closer to 10 million metric tons that kept pressure on the wheat today."

Chicago December Wheat ended Monday down 6 cents at 6-99 and 3/4. December corn ended the day up 2 and 1/2 cents at 4-44.??Portland prices for soft white white were down 3 to 6 cents at mostly 7-36 and 1/4. White club wheat prices were down 3 to 6 cents cents at mostly 7-81 and 1/4. Hard red winter wheat with 11.5 percent protein prices were down 6 and 1/2 to 7 and 1/2 cents at a range between 8-55 and 1/4 to 8-69 and 1/4. DNS with 14 percent protein were down 8 and 1/2 cents ranging between 8-51 and 3/4 and 8-71 and 3/4.

?December live cattle were down 12 and half cents Monday at 131-90. November Feeder cattle were down 45 cents at 166-40. November class III milk was down 6 cents at 18-26.