Markets Decline

Markets Decline

I'm KayDee Gilkey with the Market Line Report for March 20, 2012.?

Wheat futures posted double digit losses at all three exchanges, with selling pressure concentrated in Chicago on Monday. World supplies are adequate overall and prices are in balance with demand.

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

Lesh: “Wheat right now warm temperatures out there. Bringing wheat out of dormancy, there is some talk that if it does turn cold we could see some possible damage to that early wheat. Don’t know about that yet. Certainly doesn’t look like it in the forecast. Corn and wheat lock step higher here, but we get a lot more downside with the wheat when we do tend to move down, certainly witnessed that in today’s trade. Russia stated today that there will be no restrictions to their exports.”

Chicago May Wheat ended Monday down 19 and 3/4 cents at 6-52 and 1/4. July new crop was down 16 and 1/4 cents at 6-61. May corn was down 9 and 1/2 cents at 6-63 and 1/2.

Portland prices for soft white wheat and club wheat were down a dime at mostly 7-10. Hard Red Winter Wheat with 11.5 pct protein was down 14 cents at mostly 7-82. DNS wheat with 14 pct protein was down 16 cents at mostly 9-50.

April live cattle were down 13 cents at 125-18. April Feeder cattle were down 95 cents at 153-35. April class III milk was up 2 cents at 15-84.

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