Strong Dollar and Weather Pushes Grain Lower

Strong Dollar and Weather Pushes Grains Lower

I'm KayDee Gilkey with the Market Line Report for January 31, 2012.

Jack Scoville of Price Futures Group shares his observations of Monday’s market:

Scoville: “Wheat market only single digit loses. Chicago and KC both holding pretty well in the face of big selling scene of corn and soybeans. Minneapolis wheat moving a little lower than Chicago and KC. Markets moving lower in sympathy with the stronger dollar and with sympathy for corn and soybeans, but really more worried about the potential for winter kill from extremely cold temperatures being reported in both Ukraine and Russia. We are very worried about some of the wheat crops there be impacted which would of course support prices here as Russia and Ukraine are both usually the lowest price sellers in the world.”

March corn was down 10 cents at 6-31 and 3/4. March Wheat ended Monday down 2 and 1/2 cents at 6-44 and 3/4.

Portland prices for soft white wheat and club wheat was down 2 cents to a range of 6-65 to 6-75. Hard Red Winter Wheat with 11.5 pct protein was down 2 cents at mostly 7-63. DNS wheat with 14 pct protein was down 2 to 7 cents at mostly 9-56.

February live cattle were down 78 cents at 123-93. March feeder cattle were down 25 cents at 154-35. February class III milk was down a penny at 16-63.

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