Muted Response to USDA Forecast

Muted Response to USDA Forecast

I'm KayDee Gilkey with the Market Line Report for February 27, 2012.

Wheat is at risk of more near-term price pressure as Black Sea supply concerns have eased and global supplies are ample.

From the floor of the CME, Greg Wagner of GWX Ag Advisors shares his observations of Friday’s market.
Wagner: “Export sales came out today. This gave a boost to the market I think as well. A sharply lower dollar, the dollar is off four and a half percent from its high that was achieved on January 13th. That is supportive for grain prices as well as purchase of corn from China recently confirmed purchase from the U.S. Corn export sales came in at 841,000 metric tonnes and was on the low end of expectations. Wheat had 757,000 metric tonnes and was essentially in the mid-range.”

Chicago May Wheat ended Friday up a 1/4 cent at 6-41 and 1/4. May corn was up 1 and 1/2 cents at 6-44.

Portland prices for soft white wheat and club wheat were steady to up a dime at mostly 6-95. Hard Red Winter Wheat with 11.5 pct protein was up a penny at mostly 7-63. DNS wheat with 14 pct protein had no available prices for Friday.

April live cattle were down 18 cents at 129-50. April Feeder cattle were up 10 cents at 160-28. April class III milk was up 14 cents at 15-12.

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