Wheat Down Slightly on Wednesday and Another Down Day for Cattle Markets

Wheat Down Slightly on Wednesday and Another Down Day for Cattle Markets

I’m KayDee Gilkey with the Market Line Report for October 16, 2014.
The Dow had a triple-digit loss on Wednesday. Corn ended the day lower and wheat markets were mixed. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade saw lower prices across the board but of course with the overall markets getting slaughtered everyone is ducking for cover and selling everything. At this point we’ve been looking for good support levels in the grain markets — and I think we’ve found them. If you look across the board — you’ve seen nice rounding bottoms. We look at wheat — we saw nice rounding bottom at $4.70 now around $5. I think you look to be a buyer. This is what we’ve said for the last couple of weeks, we looked like we were seeing some bottoming-action after making new contract low after new contract low.”
Chicago December Wheat ended Wednesday down 3 and 1/4 cents at 5-06. December corn ended the day down 9 and 1/2 cents at 3-47 and 1/2.
Portland prices for soft white wheat were steady to down 3 and 1/4 cents at mostly 6-72. White club wheat prices were down 3 and 1/4 cents at mostly 9-19 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices up 1 and 3/4 cents at mostly 7-50. DNS wheat with 14 percent protein prices were up a 1/2 of a cent at mostly 9-05 and 3/4.
December live cattle were down $1.45 on Wednesday at 162-47 and half. November Feeder cattle were limit down $3 at 234-15. November class III milk was down 48 cents at 21-49.
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