Wheat Market Lower

Wheat Market Lower

I'm KayDee Gilkey with the Market Line Report for March 2, 2012.

Initially wheat futures faced light pressure from the weekly export sales tally that was just above the bottom end of expectations.

From the floor of the CME, Jack Scoville, Vice President of Prices Futures Group, shares his observation’s of Thursday’s markets.

Scoville: “The grain prices were universal lower -- corn, wheat, oats and rice especially closed lower on the day. Corn and wheat had fair to middling export sales reports today and both are looking at some really good moisture in the Mid-west and Northern Plains to kind of dampen further prospects. So they really had no place to go and with the dollar hovering around to unchanged to higher, they had trouble rallying throughout the day.”

Chicago May Wheat ended Thursday down 4 cents at 6-64. May corn was down 4 cents at 6-54.

Portland prices for soft white wheat and club wheat were not fully established and were at mostly 7-28. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established and were at a range of 7-87 to 7-94. DNS wheat with 14 pct protein also did not have prices fully established and were at a range of 9-53 to 9-68.

April live cattle were up $1.20 at 130-95. April Feeder cattle were up $1.60 at 161-78. April class III milk was up 11 cents at 15-60.

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