Markets Have Downward Day

Markets Have Downward Day

i'm KayDee Gilkey with the Market Line Report for February 13, 2012.

From the CME floor, James Barnett, commodity analyst with A Contrarian’s Dilemma shares his observations of Friday’s market:

Barnett: “In general a lower day. We started out with some pressure in the outside markets and a stronger dollar in a wide array of commodity markets facing pressure early on.I think it started the lower tone. Then in wheat really a lot of technical sell-off. We had rallied throughout most of January in the wheat market after establishing lows then. I think the bottom line of this week’s trade, is that we sold off pretty hard the last four days as we hit some technical resistance. The bottom line is we weren’t ready to really trigger a lot of short-coverings here. While we have some crop concerns in Ukraine with freeze there last week and more cold weather on the way. We still have a lot of countries that are going to have decent wheat crops.”

March corn was down 5 and 1/4 cents at 6-31 and 3/4. March Wheat ended Friday down 16 cents at 6-30.

Portland prices for soft white wheat and club wheat were unchanged at mostly 7-06. Hard Red Winter Wheat with 11.5 pct protein was down 19 cents at mostly 7-41. DNS wheat with 14 pct protein had no available prices for Friday.

April live cattle were down $1.40 at 127 even. March feeder cattle were down $1.53 at 153-60. March class III milk was up 6 cents at 15-63.

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