Relatively Quiet Market Day

Relatively Quiet Market Day

I'm KayDee Gilkey with the Market Line Report for February 7, 2012.

Ideas that the Black Sea region may be forced to absorb another blast of cold air next week and talk of significant short-covering from fund traders helped to support the strong close and close near the highs of the day for the wheat markets on Monday.
 
From the CME floor, Todd Horwitz of Adam Mesh Trading Group shares his observations of Monday’s market:

Horwitz: “But really where are we? We are really up against the upper levels of congestion. Really Focusing on A) the weather in Argentina and Brazil --we are looking for a little rain there; and B) looking for the productivity and supply/demand report that is due out on Thursday. As we took a look in advance we are at the upper levels here. We are losing volume and volatility as we are waiting for this news to come.”

March corn was down 1/4 of a cent at 6-44 and 1/4. March Wheat ended monday up 7 and 3/4 cents at 6-68 and 1/2.

Portland prices for soft white wheat and club wheat down 2 cents at mostly 6-95. Hard Red Winter Wheat with 11.5 pct protein was up 6 to 12 cents at a range of 7-86 to 7-92. DNS wheat with 14 pct protein was at a range of 9-78 to 9-89.

April live cattle were up 10 cents at 127-50. March feeder cattle were down 33 cents at 154-13. March class III milk was down 2 cents at 15-87.

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