All Grains Lower on Tuesday, Cattle were Strong

I’m KayDee Gilkey with the Market Line Report for January 28, 2015.
Grains all traded lower on Tuesday. From the floor of the CME Group, Todd Horwitz shares
Horwitz: “Tuesday’s grain market saw prices a little bit lower today — nothing dramatic but I think we do see wheat at a 11-week low and we’re watching that $5.30 level as a key spot and we thought that would be it and of course we’ve broken down from $5.30 and I guess we are going to log check that $4.70 level. One of the big issue we see here is the overall strength of the dollar — though weaker the past couple of days — it is starting to form some pressure and again with the bumper crops we’ve had we are seeing some pressure. Corn continues to be the best in the complex right now holding up at $3.81. You might want to look at the old “buy corn—sell wheat”.”
Chicago March Wheat ended Tuesday down 1 and 1/2 cents at 5-19. March corn ended the day down 2 and 3/4 cents at 3-81 and 1/4.
Portland February prices for soft white wheat of ordinary protein were unchanged ranging between 6-45 and 6-90. White club wheat of ordinary protein prices had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices down 1 and 1/4 to 4 and 1/4 cents at mostly 6-44 and 1/4. DNS wheat with 14 percent protein prices were down 2 and 1/2 cents at mostly 8-29 and 1/2.
April live cattle were up $3 even on Tuesday at 151-even. March Feeder cattle were up $3.85 at 203-82 and half. March class III milk was down 9 cents at 14-77.