Wheat and Corns Markets Lower

Wheat and Corn Markets Lower

i'm KayDee Gilkey with the Market Line Report for February 15, 2012.

Wheat closed lower and gave back a good portion of Monday’s gain on a lower dollar and followed corn to the downside.

From the CME floor, Charles Nedoss, Senior Market Strategist with Olympus Futures shares his observations of Tuesday’s market:

Nedoss: “Wheat did get hit with some selling pressure. There are some stories again keep circulating about a large, record large Australian crop. Also the higher dollar along with the prospect of a higher exportable supply from Australia did weigh on prices here today. Technically though, wheat has been damaged from the sell-off from last week and is struggling to get above the 100-day and the 10-day moving averages. So all-in-all, keep an eye on the dollar. The dollar has bounced very nicely off the 7900 mark.”

March corn was down 6 cents at 6-33 and 1/2. March Wheat ended Tuesday down 6 and 1/4 cents at 6-35.
Portland prices for soft white wheat and club wheat were unchanged at mostly 7-10. Hard Red Winter Wheat with 11.5 pct protein was down 2 to 7 cents at mostly 7-46. DNS wheat with 14 pct protein had no available prices for Tuesday.

April cattle closed sharply higher on the session and saw the highest close since November 3rd.

April live cattle were up $1.13 at 129-35. March feeder cattle were up $1.53 at 156-25. March class III milk was up 13 cents at 15-54.

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