Wheat Market Weakens into the Close

(AgInfo.net) – I’m KayDee Gilkey with the Market Line Report for Sept. 6, 2012. Wheat saw spillover from neighboring pits, as well as from concerns U.S. wheat isn’t competitively priced on the global market. Outside markets are mixed with US stocks slightly higher and the dollar traded weaker, but neither were enough to support prices. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.
Wagner: “December wheat was also down 20 cents at 8-67. Interest to note from a technical perspective, that December wheat contract violated a 50-day moving average which is roughly about 8-75, so that 8-67 settlement puts it below a 50-day moving average. For the most part a lot of trend followers and funds look at that as that being an important bench mark. So there may be additional selling coming forth just from a technical standpoint.”

Chicago September Wheat ended Wednesday down 20 and 1/4 cents at 8-45 and 3/4. September corn ended the day down 17 and 1/4 cents at7-89 and 3/4. Portland prices for soft white wheat and club wheat were down 5 to 20 cents at mostly 8-65. Hard Red Winter Wheat with 11.5 pct protein prices were down 17 to 20 cents at mostly 9-17. DNS wheat with 14 pct protein prices ranged from down 19 to 29 cents at mostly 9-62.

October live cattle ended Wednesday up 15 cents at 126-33. September Feeder cattle were up a nickel at 145-05. September class III milk was down 19 cents at 18-78.

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