Checking in on the grain markets

Checking in on the grain markets. I'm Greg Martin, this is Market Line. Wheat ended the day mixed to near unchanged with a fractional loss in the March contract. This came amid light volume and a general lack of news with some traders looking to the dollar and outside markets for price direction. A rally in the dollar early in the day session was followed by a sell off in wheat and corn, but the dollar subsequently sold off over the course of the day session, and this was credited with sparking the later short covering. Funds were sellers in wheat during the first half of the session which helped to push the May contract down to just above yesterday's low. The corn market has come under pressure this week after it tried and "utterly failed" to climb through major moving averages Monday. The market is below the 50-day, 100-day and 200-day averages. But higher crude oil gave the market support, as did concerns about heavy snow melt and rains possibly slowing the start of U.S. planting this year. Some traders and analysts say planting is likely to be delayed, which generally hurts yields, although others say it is much too soon to be worried about that. On Tuesday Chicago May wheat was unchanged at 5-04 ½. May corn down ¼ at 3-81 ½. Portland soft white wheat unchanged at mostly 4-80. New crop August soft white unchanged at 4-65 to 4-7. Only new crop August bids on HRW 11.5 % protein 5-53 to 5-58 dn 1. DNS 14% protein unchanged to up 5 at mostly 6-81. April live cattle up 1-05 at 92-78. April feeders up 28 cents at 102-38. April Class III milk up 29 at 13-18. I'm Greg Martin and that's Market Line on the Northwest Ag Information Network.