Market Lacks Net Price Movement

Market Lacks Net Price Movement

I'm KayDee Gilkey with the Market Line Report for January 23, 2012.

For the week, wheat futures were choppy and had little net price movement. Todd Horwitz of Adam Mesh Trading Group discusses Friday’s market results:

Horwitz: “Recapping the day’s market action, we had markets basically stuck in congestion. Corn and wheat are both stuck between $6 and $6.50. Ever since last week’s crop report and as we have reached the top and came down we are now losing volume and volatility ...Without any major news on the horizon, the markets look to be stagnant and continue in this pattern. There looks to be no reason that we will break on one side or the other. The only thing that I am seeing different now is that the spread between wheat and corn in the deferred months is now is starting to begin widening out again back to a true relationship other than the relationship we have now.”

March corn was up 5 and 1/2 cents at 6-11 and 1/2. March Wheat ended Friday up 4 and 3/4 cents at 6-10 and 1/2.

Portland prices for soft white wheat and club wheat was unchanged at mostly 6-30. Hard Red Winter Wheat with 11.5 pct protein was up 9 cents at mostly 7-30. DNS wheat with 14 pct protein was unchanged at mostly 9-29.

February live cattle were up 35 cents at 124-55. March feeder cattle were were down 15 cents at 153-85. February class III milk was down 8 cents at 16-41.

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