Wheat Continues to Follow

Wheat Continues to Follow

I'm KayDee Gilkey with the Market Line Report for March 6, 2012.?

Wheat continued to follow the other grain markets on Monday. From the floor of the CME, Virginia McGathey of McGathey Commodities shares her observation’s of Monday’s markets.

McGathey: “Overall, wheat is following the corn. It is pretty much in lockstep and still both corn and wheat are still trying to push that $7 level, but today it came off somewhat. Worldwide the wheat markets are at record high levels. It is still difficult to say what is going to happen this summer. The spring wheat is still relatively dry and so that gives pause as to where wheat is going to go before the planting this summer.”

Chicago May Wheat ended Monday down 2 and 1/2 cents at 6-72. July new crop was down 3 and 1/2 cents at 6-82 and 3/4. May corn was up 5 and 3/4 cents at 6-60 and 3/4.

Portland prices for soft white wheat and club wheat were up a nickel to 15 cents at mostly 7-23. Hard Red Winter Wheat with 11.5 pct protein were down a penny to 3 cents at mostly 7-96. DNS wheat with 14 pct protein was up 3 cents at mostly 9-80.

Live Cattle futures traded sharply lower on Monday. Feeders were under even more pressure, due to the higher feed costs and lower cattle futures. April live cattle were down $1.55 at 128-40. April Feeder cattle were down$2.38 at 158-95. April class III milk was down 17 cents at 14-24.

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