Market Line Report for October 25, 2013

Wheat moving lower lead to a mixed grain market on Thursday. I am David Sparks with the Market Line Report for October 25, 2013. On Thursday there was no specific trend going up or down as the core market has been in tight trading range over the last couple of weeks while harvest pressures continue to influence prices. From the floor of the CME Group, Derek Nelson shares his observations of Thursday's markets. "Thursday on the grain markets we saw a mixed trade turn into right across the board as the wheat led the way lower. The soybean complex was trading on the positive for most of the day before selling off at the close posting minimum losses in the front contract months. The core market has been in tight trading range over the last couple of weeks here while harvest pressures continue to weigh on prices while improving demand and potentially increasing exports continue to support them. Producers are thought to be holding the grains until after January 1 and then start selling them continuing to support the underlying theory that prices should move higher into the end of the year.

December wheat futures closed 5.25 to 6.75 cents per bushel lower compared to Wednesday's closes. Bids for US 1 Soft White Wheat delivered to Portland in unit trains and barges during October trended 0.25 of a cent to 5.25 cents per bushel lower than Wednesday's noon bids. Some exporters were not issuing bids for nearby delivery.