Prices Lower Across the Board

Prices Lower Across the Board

I'm KayDee Gilkey with the Market Line Report for January 19, 2012.

March wheat closed sharply lower on the session and saw the lowest close since December 16th. Weakness in the other grain markets and continued speculative selling in wheat despite strong outside market forces helped to drive the market sharply lower.

In addition to bearish South American weather, Frank Lesh of Future Path Trading reports:
Lesh: “Really demand remains a question out here. Europe is certainly going to be a drag on exports in here. Traders waiting acreage here in the U.S. Probably looking at a range trade with a downside-bias for the foreseeable futures. Prices look steady to lower here going out. Even today, higher equities and a lower dollar could not help the situation in our agricultural markets.”

March corn was down 10 d 1/2 cents at 5-93 and 1/2. March Wheat ended Wednesday down 12 1/2 cents at 5-92 and 1/4.

Portland prices for soft white wheat and club wheat was up 1 to 5 cents at mostly 6-25. Hard Red Winter Wheat with 11.5 pct protein was down 10 to 17 cents at mostly 7-19. DNS wheat with 14 pct protein was down 3 to 8 cents at mostly 9-26.

February live cattle were down 30 cents at 123-23. March feeder cattle were were up 40 cents at 152-78. February class III milk was down 49 cents at 16-48.

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