Wheat Market Sees Weather Pressure

(AgInfo.net) – Good rainfall in the western plains and eastern Corn Belt this week has provided substantial relief to some wheat growing regions which added extensive pressure to the new crop, 2013 contracts. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.

Shover: “Wheat after rally so much over the past month or two probably — at least the traders I talked to–just fell in sympathy with soybeans and corn. One thing we are watching, that traders are a little bit nervous about,  is some of the data coming out of Russia. What is going to happen with the Russian crop of wheat? Also we have planting season coming up and it is weighing on the mind of traders. But for the day, everything down today.”

Chicago December Wheat ended Thursday down 13 and 3/4 cents at 8-55 and 1/2. December corn ended the day down 8 and 1/2 cents at 7-16 and 1/4.

Portland prices for soft white wheat and club wheat were steady to down a dime at mostly 8-56. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 and 1/4 cents at mostly 9-26 and 1/4. DNS wheat with 14 pct protein prices were down 15 and 1/4 cents at mostly 9-64 and 1/4.
October live cattle were up Thursday 23 cents at 122-45. October Feeder cattle were up 13 cents at 146-23. October class III milk was down 11 cents at 20-78.

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