Wheat Market Closes Lower

(AgInfo.net) – December Chicago wheat traded weaker into the closing bell but managed to close off session lows on Tuesday. KC and Minneapolis wheat followed lower. The US Dollar traded lower throughout the day which added underlying support to wheat, as well as other commodities. The lower trade was due in part to a wetter forecast for parts of Kansas and Oklahoma towards the end of this week which triggered profit taking by traders. More rainfall will be needed as planting moves along but markets reacted negatively to the news.

Chicago December Wheat ended Tuesday down 5 and 1/2 cents at 8-86 and 1/2. December corn ended the day down a penny at 7-43 and 3/4.

Portland prices for soft white wheat and club wheat were mixed down 5 and 1/2 cents to up 5 cents at mostly 8-78 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 1/2 cents and ranged between 9-56 and 9-61. DNS wheat with 14 pct protein prices were down 8 and 1/4 cents at 9-92 and 1/4.

The cattle market traded sharply lower on the day into the mid-session as there seemed to be “less” confidence that the cash market can hold steady on the week with packer profit margins moving deep into the red.

October live cattle were down Tuesday $2.60 at 122-70. October Feeder cattle were down $2.23 at 145-18. October class III milk was up 58 cents at 20-72.

I’m KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.