Wheat Continues Lower

Spillover effects for wheat with both corn and soybeans pushing lower on the day. From the floor of the CME Group Greg Wagner shares his observations of Thursday's markets

Wagner: "Wheat you had export sales with wheat that were actually above expectations. Irrespective of the outside markets, we end up with May wheat closing over 17 cents lower. Now today's price action obviously it is going to take a long road back to try and reach these old highs. We have one trading left. We don't have any major reports until the March WASDE Report. And for now we will have a volatile trade — a two-sided trade."

Chicago May Wheat ended Thursday down 16 and 1/4 cents at 5-89 and 1/4. May corn ended the day down 6 and 1/2 cents at 4-54 and 1/2.

Portland prices for soft white wheat were down 4 to 16 and 1/4 cents at mostly 7-15. White club wheat prices were down 10 and 1/2 to 16 and 1/4 cents at mostly 7-69 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 14 and 1/2 to 19 and 1/2 cents at mostly 8-26 and 1/2. DNS wheat with 14 percent protein prices were down 11 and 1/4 cents at 8-41 and 1/4.

April live cattle were down 7 and half Thursday at 144-45. April Feeder cattle were down 52 and half cents at 173.40. April class III milk was up 49 cents at 20-97.