Wheat Lower On Late Selling

The wheat market managed to recovery off of the early selling surge down but late selling turned active and the market closed lower for 10 of the last 12 sessions with very minor up closes. The USDA report for wheat was considered bearish against trader expectations and this sparked the late selling. From the floor of the CME Group, Jack Scoville shares his observations of Friday's markets.

Scoville: "Kind of a mixed day in the grains once again. Soybeans clearly the leader to the upside on Friday -- shooting sharply higher in response to USDA reports. Corn going along with the ride closing with good solid gains. Only wheat really struggling with the upside in the market here today."

Chicago December Wheat ended Friday down 3 and 1/4 cents at 6-49 and 3/4. December corn ended the day up 6 and 1/4 cents at 4-26 and 3/4.??Portland prices for soft white white were down 3 and 1/4 to 8 and 1/4 cents at mostly 6-93 and 3/4. White club wheat prices were down 3 and 1/4 to 8 and 1/4 cents at mostly 7-13 and 3/4. Bids for Hard Red Winter wheat with 11.5 percent protein were not available for November delivery. DNS wheat with 14 percent protein prices were down 1 and 1/2 cents at mostly 8-22.

?December live cattle were up 72 and half cents Friday at 132-40. January Feeder cattle were down 70 cents at 164-42 and half. December class III milk was down a penny at 17-89.