Wheat and Corn Close Lower

Wheat and Corn Close Lower

I'm KayDee Gilkey with the Market Line Report for March 15, 2012.?
Wheat was lower on a strong dollar, weakness in gold, and talk of improving crop conditions for the winter wheat crop. Ideas that the spring wheat crop growing areas will be ready to plant much earlier than normal added to the negative tone.

From the floor of the CME, Jack Scoville Vice President with Price Futures Group shares his observations.

Scoville: “Wheat markets also looking at good weather conditions out in the western plains right now. Temperatures turning very warm not only in the western plains but in the mid-west as well. A lot of farmers getting ready to do field work right now and start to plant corn which would be very, very early for this time of year. We are looking at wheat coming out of dormancy in western plains and here in the mid-west under what is generally favorable conditions.”

Chicago May Wheat ended Wednesday down 5 and 1/4 cents at 6-43 and 3/4. July new crop was down 3 and 1/2 cents at 6-54 and 1/2. May corn was down 3 and 1/4 cents at 6-58 and 3/4.

Portland prices for soft white wheat and club wheat were unchanged at mostly 7-10. Hard Red Winter Wheat with 11.5 pct protein was down 7 cents at mostly 7-69. DNS wheat with 14 pct protein was down 4 to 9 cents at mostly 9-49.

April live cattle were down 70 cents at 127-03. April Feeder cattle were down 55 cents at 157-23. April class III milk was up 13 cents at 15-37.

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