Grain Prices Sharply Lower

Grain Prices Sharply Lower. I'm KayDee Gilkey with the Market Line Report for January 6.

Wetter weather forecasted for South America translated to lower grain prices across the board in Thursday’s commodity markets.

Jack Scoville, Vice President of Price Futures Group, shares what he saw on the trading floor.

Scoville: “You had the feeling today that a lot of guys were interested in buying the market once it finishes selling off here either tomorrow or the first part of next week. Ideas are that the weather will turn hot and dry again in Southern Brazil and Argentina -- typical for a La Nina year -- and we could see some damaging weathers redevelop again in the next week. So seems like a lot of traders are selling now with the idea that they will re-establish at lower prices given the opportunity over the next couple of days.”

March Wheat ended Thursday down 20 3/4 cents at 6-29 1/4. March corn was down 15 cents at 6-43 1/2.

Portland prices for soft white wheat and club wheat were unchanged to mixed down about 10 cents to mostly 6-11. Hard Red Winter Wheat with 11.5 pct protein was down 28 to 30 cents at mostly 7-39. Dark Northern Spring wheat with 14 pct protein ranged down 20 cents at mostly 9-54.

February live cattle closed down 68 cents at 121-15. March feeder cattle were up 30 cents at 150-85. February class III milk was up 28 cents at 17-68.

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