Modest Slip in Grain Prices

Modest Slip in Grain Prices

I'm KayDee Gilkey with the Market Line Report for February 8, 2012.

Yesterday marked the opening day of Spokane’s Ag Expo at the Spokane Convention Center through Thursday.

March wheat pushed to near unchanged on Tuesday late in the session before active selling emerged late in the day to drive the market some what lower on the day into the close. Talk of moderating temperatures in the forecast for Europe and weakness in other commodity markets and a bounce in the US dollar helped to pressure the wheat market early Tuesday to trade sharply lower on the session and below Monday's lows.

From the CME floor, Greg Wagner with GWX Ag Advisors shares his observations of Tuesday’s market:

Wagner: “Everyone looking at position squaring before Thursday’s USDA supply-demand report. Focus is going to be on South American’s weather production so it will be the supply side of the ledger but also the demand side of the ledger we will be looking at.”

March corn was down 2 cents at 6-42 and 1/4. March Wheat ended Tuesday down 6 and 1/4 cents at 6-62 and 1/4.

Portland prices for soft white wheat and club wheat were up about 3 cents at mostly 7-00. Hard Red Winter Wheat with 11.5 pct protein was at a range of 7-79 to 7-85. DNS wheat with 14 pct protein was at a range of 9-74 to 9-85.

April live cattle were up $1.08 at 128-58. March feeder cattle were up 88 cents at 155 even. March class III milk was down 27 cents at 15-61.

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