Negative Outside Markets Push Wheat Prices Lower

Negative Outside Markets Push Wheat Prices Lower

I'm KayDee Gilkey with the Market Line Report for March 21, 2012.?

A stronger US dollar and Chinese economic concerns as well as weakness in metal and energy markets all combined to spark the selling.

From the floor of the CME, Tres Knippa with Kenai Capital Management shares his observation’s of Tuesday’s markets.

Knippa: “The fact that the crude oil was sent lower. With crude oil 250 points lower that obviously puts pressure on a variety of commodities. All commodities rising with the rising tide and then in the reverse. So crude oil pushing lower that dragging on the corn as well as the weather kinda getting this early planting idea kicked off it’s has made some of the bulls sort of run for cover. So for now the talk is of weather. Guess what, that is what happens this time of year. Spring, summer that is what we talk about in the grains market is weather.”

Chicago May Wheat ended Tuesday down 9 and 3/4 cents at 6-42 and 1/2. July new crop was down 9 and 1/2 cents at 6-51 and 1/2. May corn was down 16 cents at 6-47 and 1/2.

Portland prices for soft white wheat and club wheat were down a nickel at mostly 7-00 even. Hard Red Winter Wheat with 11.5 pct protein was down 11 cents at mostly 7-71. DNS wheat with 14 pct protein was down 8 cents at mostly 9-42.

April live cattle were down 65 cents at 124-53. April Feeder cattle were down 88 cents at 152-48. April class III milk was up a nickel at 15-89.

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