Wheat Futures Closed Sharply Lower

Wheat Futures Closed Sharply Lower

i'm KayDee Gilkey with the Market Line Report for February 10, 2012.

USDA reports were fairly uneventful.  U.S. wheat saw a 25 million bu. cut in ending stocks, mostly due to better exports for the soft wheat classes.  From the CME floor, Virginia McGathey with McGathey Commodities shares her observations of Thursday’s market:

McGathey: “Today after the report it was relatively mild and sideways somewhat. We did get a little bit of a sell-off in wheat market. But starting with corn the exports seem to be up and increase a little bit with what is happening in Argentina. They did reduce the crop production about 15 percent. Also in the wheat market we did increase the exports there but the problem with that is that is mitigated pretty much with the world wheat glut. Wheat is looking pretty well around the world and that sent the wheat into a 15 cent sell-off.”

March corn was down 5 and 1/2 cents at 6-37. March Wheat ended Thursday down 18 cents at 6-92.

Portland prices for soft white wheat and club wheat were up about a penny at mostly 7-10. Hard Red Winter Wheat with 11.5 pct protein was down 20 to 23 cents at mostly 7-60. DNS wheat with 14 pct protein had no available prices for Thursday.

April live cattle were down 60 cents at 128-20. March feeder cattle were down 13 cents at 155-15. March class III milk was up 11 cents at 15-57.

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