Wheat Down Slightly

I’m KayDee Gilkey with the Market Line Report for March 6, 2014.

The wheat market was down slightly on Wednesday as with recent higher prices, the export demand has dried up. From the floor of the CME Group Todd Horwitz shares

Horwitz: “Wednesday’s grain trade saw markets slightly lower. I think what we are starting to see here is as we come out of the short squeeze that we had in the nearby, we now go into the planting season. And as we get into planting season we see that the defers are lower here and we look to continue to follow that same trend. This most recent last blip up basically had a little bit to do with the Ukraine had a little bit to do with a short-squeeze. You can make any reason you want but now that we are going into new crop and new planting, I think that the original trend — which is lower— continues here.

Chicago May Wheat ended Wednesday down a penny at 6-42 and 1/2. May corn ended the day down 2 and 1/4 cents at 4-82. 

Portland prices for soft white wheat were steady to down 3 cents at mostly 7-34 and 1/4. White club wheat prices were unchanged at mostly 7-95 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were mixed down 4 and 1/4 to up 3/4 of a cent at mostly 8-63 and 1/4. DNS wheat with 14 percent protein prices were up 3 and 1/4 cents at 8-68 and 3/4.

April live cattle were down $1.95 Wednesday at 143-67 and half. April Feeder cattle were down 35 cents at 174-even. April class III milk was up 28 cents at 20-54.