Wheat Market Weaker

(AgInfo.net) – Wheat futures succumbed to heavy spillover pressure from soybeans on Monday. A lack of fresh supportive news also contributed to the weak price tone. Hurricane Sandy closed in on the New York City area and equity markets were closed for the day. Traders noted thin volume which added to the choppy, two-sided trade. From the floor of the CME Group, Scott Shellady shares his observations of Monday’s markets.
Shellady: “Well you know what it is interesting to say that we were one of the markets that were open for the duration of the trading session here today. If anything, we had some rumors about South America and Informa rumors here. As well as the fact because of what is happening on the East Coast, New York being shut down. There was no equity trade at all, we had a thinner than normal trade, the volumes were very light.”

Chicago December Wheat ended Monday down 5 and 3/4 cents at 8-58. December corn ended the day down 3/4 of a cent at 7-37.

Portland prices for soft white wheat and club wheat were steady to down 5 3/4 ranging between 8-73 and 8-85. Hard Red Winter Wheat with 11.5 pct protein prices were down 6 cents at mostly 9-81 and 1/4. DNS wheat with 14 pct protein prices were down 1 and 3/4 cents at mostly 10-28 and 1/4.
December live cattle were up Monday 3 cents at 125-28. November Feeder cattle were up 60 cents at 145-93. November class III milk was down 27 cents at 20-86.

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