Prices Traded Higher

Prices Traded Higher

I'm KayDee Gilkey with the Market Line Report for February 23, 2012.

A stronger US dollar and weakness in equity markets helped to pressure the market early but a lack of new fund trader selling helped spark a short-covering bounce to higher on the day into the mid-session.
From the floor of the CME, Dan Cekander of New Edge shares his observations of Wednesday’s market.

Cekander: “Prices Traded Higher today in anticipation of USDA’s Ag Outlook Forum which is tomorrow in Washington D.C. In that forum USDA gives their first guess actually for the 2012 U.S. grain balance sheets. So you get the current ideas of what USDA thinks the acreage will be, yield, production, demand and of course important carry-out estimates for the new crop year.”

March corn was up 8 and 3/4 cents at 6-38 and 1/4. March Wheat ended Wednesday up 11 and 1/2 cents at 6-44 and 1/2.

Portland prices for soft white wheat and club wheat were at mostly 7-00. Hard Red Winter Wheat with 11.5 pct protein was up 9 to 10 cents at mostly 7-65. DNS wheat with 14 pct protein had no available prices for Wednesday.

April live cattle were up 3 cents at 131-20. March feeder cattle were down 18 cents at 158-42. March class III milk was down 4 cents at 15-37.

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