Wheat Down Again on Wednesday

Wheat Down Again on Wednesday

I’m KayDee Gilkey with the Market Line Report for August 14, 2014.
|Wheat markets were lower across the board on Wednesday. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain saw pretty much a mixed market — mixed to the downside. We saw soybeans under pressure. Corn slightly positive part of the day and we saw wheat down again — down in that $5.30 to $5.35 level. I think we are now near or at the bottoms in these grain markets. I think this is a great opportunity now to get in. We’ve seen the supply and demand report. We’ve seen that we are going to have an overabundance of crops and of course that has pretty much been priced into the market. There is not a real big ordeal here — it isn’t like we are shocked.”
Chicago September Wheat ended Wednesday down a dime at 5-28. September corn ended the day down a 1/2 of a cent at 3-58.
Portland prices for soft white wheat were mixed down 22 to up 20 cents at mostly 6-64 and 3/4. White club wheat prices were up 30 to 48 cents at mostly 7-81 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were mixed down 9 and 1/4 to up a 1/4 of a cent at mostly 6-94. DNS wheat with 14 percent protein prices were down 14 and 1/2 cents at mostly 7-65 and 1/2.
October live cattle were down $1.12 and a half on Wednesday at 146-55. September Feeder cattle were down $1.10 at 213-55. September class III milk was steady at 22-06.

 

 

 

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