Wheat Market Moves Lower

June 18th, 2012

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Category: Grains

Weather affecting agriculture(AgInfo.net) – In the wheat market on Friday, funds were active sellers even with a positive tilt to outside market forces. Weakness in corn and political uncertainties for Europe over the weekend helped to pressure the market and there was a lack of buying interest from speculators. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.

Barnett: “We also obviously have a weather market here. It is the growing season in the Mid-west and what we are seeing is that we have much better rains in the Northwest corn belt. We have another two inches expected over the next 72 hours but it looks like at least right now much that the eastern belt is going to be missed. That is where the crop ratings have been hit by some chronic dryness over the last 30 days. Again that puts a lot of unpredictability as to where we will be going on Monday.”

Chicago July Wheat ended Friday down 14 cents at 6-09 and 1/2. July corn ended the day down 22 cents at 5-79 and 1/2.

Portland prices for soft white wheat and club wheat were steady to down a nickel at mostly 6-68. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 cents at mostly 7-08. DNS wheat with 14 pct protein prices were down 14 cents at mostly 8-81.
August live cattle ended down 38 cents at 116-65. August Feeder cattle were down 18 cents at 156-03. July class III milk was unchanged at 16-18.
I’m KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.

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