Choppy Session

Choppy Session

I'm KayDee Gilkey with the Market Line Report for March 1, 2012.

May wheat closed slightly lower on the session after choppy and two-sided trade.

From the floor of the CME, Greg Wagner, with GWX Ag Advisors, shares his observation’s of Wednesday’s markets.

Wagner: “It’s mid-week and also the end of the month. You can’t say anything but that we had a very, very impressive performance in the grains. Not only did everything close higher -- I’m talking about corn, soybeans and wheat--everything posted gains. But you have to consider that those gains came against the backdrop of an absolutely collapsing gold market. Last time I looked gold was down over $80 an ounce. Precious metals were down, you had a sharp rally on the dollar. The grains bucked that trend and were able to close higher on the day. ”

Chicago May Wheat ended Wednesday down a 1/4 of a cent at 6-60 and 1/4. May corn was up 3/4 of a cent at 6-58.

Portland prices for soft white wheat and club wheat were up a nickel to 15 cents at mostly 7-20. Hard Red Winter Wheat with 11.5 pct protein was down a penny at mostly 7-90. DNS wheat with 14 pct protein was up 2 cents at mostly 9-56.

April live cattle were up $1.48 at 127-65. April Feeder cattle were up $1.53 at 160-18. April class III milk was up 29 cents at 15-49.

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