Grain Markets Down

Grain Markets Down

I'm KayDee Gilkey with the Market Line Report for March 8, 2012.?

Traders in the wheat market focused on removing risk ahead of USDA’s Supply & Demand Report Friday morning. The report is expected to show plentiful U.S. and global wheat supplies.

From the floor of the CME, Frank Lesh of Future Path Trading shares his observation’s of Wednesday’s markets.

Lesh: “Of course we have this crop report due on Friday and certainly part of the sell off is people leading up to this crop report adjusting those positions. Certainly a lot of talk about less of everything. Carryouts here right now, we are looking at the corn carryout down to 785 million from 801 million. As well as a wheat carryout down 835 (million) thats down from 845 million.”

Chicago May Wheat ended Wednesday down 21 cents at 6-33. July new crop was down 17 and 3/4 cents at 6-50 and 1/2. May corn was down 15 and 1/4 cents at 6-38 and 3/4.

Portland prices for soft white wheat and club wheat were not fully established at mostly 7-16. Hard Red Winter Wheat with 11.5 pct protein was not fully established at a range of 7-66 to 7-71. DNS wheat with 14 pct protein was not fully established at a range of 9-44 to 9-59.

April live cattle were down 20 cents at 125-58. April Feeder cattle were up 30 cents at 156-43. April class III milk was up 20 cents at 15-09.

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