Grains Closed Slightly Mixed

Grains Closed Slightly Mixed
I'm KayDee Gilkey with the Market Line Report for January 5, 2012.

As Chris Robinson, senior trader and analyst for Top Third Ag Marketing shares, all eyes are looking ahead to the release of the USDA monthly crop report next Thursday morning. 

Robinson: “January 12 traders will watch the USDA report. Again four out of the last five years, we’ve had limit moves after that. You’ve got to see where are are rather than where we’ve been. Three weeks ago we were at 80 cents lower in corn, 90 cents lower in wheat. Those have been big rallies, farmers are starting to sell into that as we had some movement in grain yesterday.Farmers finally selling off some corn. However, the basis remains strong, especially in soybeans. It is going to be very interesting to see what that January 12 USDA Crop report is going to look like.”

March Wheat ended Wednesday down 7 cents at 6-50. March corn had no change at 6-58 1/2.

Portland prices for soft white wheat and club wheat were mixed down from a dime to a nickel to mostly 6-18. Hard Red Winter Wheat with 11.5 pct protein was down 6 to 1 cents at mostly 7-69. DNS wheat with 14 pct protein ranged down 6 to 1 cents at mostly 9-75.

February live cattle closed up 8 cents at 121-70. March feeder cattle were up 1-13 at 150-55. February class III milk was down 19 cents at 17-40.

I'm KayDee Gilkey and that's Market Line on Northwest Aginfo Net. Now this.