Stiff Headwinds for Wheat Futures

Stiff Headwinds For Wheat Futures

I'm KayDee Gilkey with the Market Line Report for March 7, 2012.?

The stock market came under heavy pressure amid economic concerns in China and Europe and the U.S. dollar rallied Tuesday which caused stiff macro-economic headwinds for wheat futures.

From the floor of the CME, Parker McMahan of LaSalle Street News shares his observation’s of Tuesday’s markets.

McMahan: “Wheat market continues to be the dog lagging here with continued reports of strong wheat production and carryover numbers globally. Corn cash markets remain firm here and we do have a situation where the dollar firmed up today and that could be contributed to putting some pressure on the downside. Not too much else to report right now, other than the markets will continue to watch world wheat supplies, cash corn domestically as well as what the final production numbers is going to be for South America.”

Chicago May Wheat ended Tuesday down 14 and 1/4 cents at 6-57 and 3/4. July new crop was down 14 and 1/2 cents at 6-68 and 1/4. May corn was down 6 and 3/4 cents at 6-54.

Portland prices for soft white wheat and club wheat were unchanged at mostly 7-15. Hard Red Winter Wheat with 11.5 pct protein were down 18 cents at mostly 7-78. DNS wheat with 14 pct protein was down 16 cents at mostly 9-64.

April live cattle were down $2.63 at 125-78. April Feeder cattle were down$2.83 at 156-13. April class III milk was up 65 cents at 14-89.

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