Higher Dollar Pressures Corn and Wheat Markets

I’m KayDee Gilkey with the Market Line Report for January 29, 2015.
Corn and wheat saw pressure from the higher dollar. From the floor of the CME Group, Todd Horwitz shares
Horwitz: “Wednesday’s grains — the lower they go and they seem to be under some pretty good pressure. As we take a look at the picture — we’ve been talking about it all week — wheat has been under severe pressure and I think you can continue to see wheat working its way lower. And further weakness across the globe will take away probably some of the demand as we go forward. Wheat looks to be a sale at $5.30 would consider that an rally. We’d need a pretty good rally to get back there — but $5.30 to $5.40 is a pretty good level to sale. That is just totally broken down and is really the ugliest part of the complex.”
Chicago March Wheat ended Wednesday down 13 and 3/4 cents at 5-05 and 1/4. March corn ended the day down 8 cents at 3-73 and 1/4.
Portland February prices for soft white wheat of ordinary protein were down 5 to 15 cents ranging between 6-40 and 6-75. White club wheat of ordinary protein prices had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices down 14 and 1/2 cents at mostly 6-29 and 3/4. DNS wheat with 14 percent protein prices were down 6 and 1/2 to 11 and 1/2 cents at mostly 8-20.
April live cattle were up 50 cents on Wednesday at 151-50. March Feeder cattle were up 52 and half cents at 204-35. March class III milk was down 6 cents at 14-71.