Wheat Drifts Lower

Wheat continued to drift lower trading in a narrow range. From the floor of the CME Group, Greg Wagner shares his observations of Tuesday's markets which was all about soybeans due to a big drop lower on selling with fears of export cancellations from

China and with South America's crop also looking large.

Wagner: "It has turned into a seller's market in soybeans that's the plain simple fact of the matter. Beginning in April you'll begin to see soybean imports into the United States as well. So a lot of dynamics there. Here, corn market actually held up. Closed a penny higher. Wheat market slightly lower. Some concerns about winter kill in the Michigan, Upper Ohio River Valley and parts of Central Midwest because of cold temperatures coming in and a lack of snow cover."

Chicago March Wheat ended Tuesday down 1 and 1/4 cents at 5-62 and 1/4. March corn ended the day up a penny at 4-25.??Portland prices for soft white white were down 1 and 1/4 cents at mostly 6-75 and 1/2. White club wheat prices were down 1 and 1/4 cents at mostly 7-09. Hard Red Winter wheat with 11.5 percent protein prices were down 2 to 17 cents at mostly 7-66 and 1/4. DNS wheat with 14 percent protein prices were down 4 to 44 cents at mostly 8-66 and 3/4.

?February live cattle were up $1.20 Tuesday at 141-55. March Feeder cattle were up 40 cents at 168-32 and half. February class III milk was up 48 cents at 22-40.