Grains Closed Lower, Cattle Up

Grains Closed Lower, Cattle Up

I'm KayDee Gilkey with the Market Line Report for January 16, 2012.

Grains closed lower on Friday, as corn and soybeans struggled after
Thursday’s sharp declines. Corn suffered double-digit losses on continued
selling from USDA’s report and sharp gains from the dollar. Wheat held up well compared to corn.

Chris Robinson, Senior Trader and Analyst with Top Third Ag Marketing says:

Robinson: “It is Friday before a long weekend -- Martin Luther King Holiday is Monday so markets will be closed. The biggest thing the traders are looking at now is where is the next big bullish story going to be?”

March corn was down 12 cents at 5-99 1/2. March Wheat ended Friday down 2 3/4 cents at 6-02 and 1/4.

The feed wheat market has given soft white wheat a nice boost. Portland prices for soft white wheat and club wheat were up 10 to 25 cents at mostly 6-20. Hard Red Winter Wheat with 11.5 pct protein was down 3 cents at mostly 7-25. DNS wheat with 14 pct protein was down 7 cents at mostly 9-24.

February live cattle were up $1.23 at 122-48. U.S. feeder cattle futures rose to a record high for a second straight day on Friday amid tight supplies and another day of steep declines in corn futures, which would slash feed costs.
March feeder cattle were up 58 cents at 152-38. February class III milk was down 32 cents at 17-08.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network. Now this.