Wheat Market Down Again

Wheat Market Down Again

i'm KayDee Gilkey with the Market Line Report for February 16, 2012.

The wheat market saw some early buying support for a bounce but selling emerged to pull the market back down to near last week's lows into the mid-session.

From the floor of the CME, Parker McMahan of LaSalle Street News shares his observations of Wednesday’s market.

McMahan: “In Europe, if you’ve been paying attention to the weather, you know that they have plenty of snow right now covering their wheat crop. So right now it seems as though we are pretty set in the wheat department. Australian big crop is estimated to be bigger. The FSU has stopped their fire sell in wheat. India right now is looking to make some space in their bins probably with the anticipation that there will be more wheat in the pipeline this year than was expected.”

March corn was down 6 and 1/2 cents at 6-27. March Wheat ended Wednesday down 5 and 1/2 cents at 6-70.
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 6 cents at mostly 7-40. DNS wheat with 14 pct protein had no available prices for Wednesday.

April live cattle were down 35 cents at 128-90. March feeder cattle were up 38 cents at 156-63. March class III milk was up 23 cents at 15-77.

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