Wheat Drops Down

Wheat was down 15 cents last week. While recent export news and demand news has been favorable, traders remain concerned that India will be more competitive on exports to Middle East and North Africa buyers. From the floor of the CME Group, Jack Scoville shares his observations of Friday's markets.

Scoville: "Grain and oilseeds ended on a weak note Friday especially the beans that had seen a pretty good up move earlier in the week. Wheat also suffered on Friday was the other big mover to the downside. Basically seeing some selling pressure tied with some perhaps better prices overseas and better weather conditions overseas. the weather seems to be improving this week in Argentina and also in Russia and the Ukraine."

Chicago December Wheat ended Friday down 5 and 3/4 cents at 6-90 and 3/4. December corn ended the day down a 1/4 of a cent at 4-40.??Portland prices for soft white white were down 5 and 3/4 cents at mostly 7-27 and 1/4. White club wheat prices were down 5 and 3/4 cents at mostly 7-72 and 1/4. Bids for Hard Red Winter and DNS wheat were not available for October delivery as most exporters were not issuing bids for nearby delivery. DNS bids for November delivery ranged between 8-45 and 8-60.

?December live cattle were up a dime Friday at 132-97 and half. November Feeder cattle were down 30 cents at 166-65. November class III milk was up a nickel at 18-73.