Wheat Falls Back Down Again

The wheat market failed to see any follow through buying support from Thursday's uptick and finished lower on the day Friday and near contract lows. From the floor of the CME Group, Jack Scoville shares his observations of Friday's markets.

Scoville: "It was a down session on Friday at the Board of Trade. It really seemed like a liquidation day more than anything before the weekend. Also emotional trading after Thursday after the reaction to USDA's reports. Corn and wheat -- there wasn't really anything in the USDA's reports to inspire new buying. We've seen liquidation in both of those markets. Really there was nothing bullish about the corn or wheat numbers and that caused some selling here on Friday."

Chicago December Wheat ended Friday down 11 and 1/2 at 6-41 and 1/2. December corn ended the day down 7 and 1/4 cents at 4-59.??Portland prices for soft white wheat were steady to down 3 cents at mostly 7-13 and 1/4. White club wheat were steady to down 6 and 1/2 cents at mostly 7-20 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 9 and 3/4 cents at mostly 8-10. DNS wheat with 14 pct protein did not issue bids for nearby delivery.

?October live cattle were up 42 and half cents Friday at 125-25. October Feeder cattle were up 67 and half cents at 159-27 and half. October class III milk was down a dime at 18-19.