Wheat Ends Slightly Lower

I'm KayDee Gilkey with the Market Line Report for September 17, 2013.

The wheat market was the upside leader for most of the day Monday but sold off into the close to settle lower for the session. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday's markets.

Vaclavik: "Grain markets were mostly lower here on Monday led by the soybean market. Now in the corn market we're trading here on Monday about 10 cents removed from the recent lows which are down around 4-45s in the December contract. Now I personally believe the USDA Is understated in regards to corn demand. I think that the world and domestic buyers as well have been waiting now for three years since 2010 -- that was the last time we saw cheap corn prices and I think we are going to chew through a lot more corn than what USDA has projected at this time."

Chicago December Wheat ended Monday down a 1/4 of a cent at 6-41 and 1/4. December corn ended the day down 2 and 1/2 cents at 4-56 and 1/2.??Portland prices for soft white wheat were steady at mostly 7-12. White club wheat prices were steady to down a 1/4 of a cent at mostly 7-19 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 1/4 cents at mostly 8-08 and 3/4. DNS wheat with 14 pct protein did not issue bids for nearby delivery.

?October live cattle were up 30 cents Monday at 125-55. October Feeder cattle were up 22 and half cents at 159-50. October class III milk was down 39 cents at 17-80.