Wheat and Corn Continue Lower

Wheat and Corn Continue Lower

I'm KayDee Gilkey with the Market Line Report for March 22, 2012.?

May wheat closed moderately lower on the session as good weather for the winter wheat crop, continued fund selling and weakness in corn helped to pressure the market to new lows into the close.

From the floor of the CME, Greg Wagner with GWX Ag Advisors shares his observation’s of Wednesday’s markets.

Wagner: “I’d like to briefly run by where we stand right now on March 21st we have six full trading days before that Friday March 30th Grain Stocks and Perspective Plantings Report. Month-to-date we’ve trimmed the gains here both in the corn, soybeans and wheat. Now we are up on the month, there is not doubt about it, with the exception of the wheat market.”

Chicago May Wheat ended Wednesday down 6 and 1/4 cents at 6-36 and 1/4. July new crop was down 5 and 3/4 cents at 6-45 and 3/4. May corn was down 5 and 1/2 cents at 6-42.

Portland prices for soft white wheat and club wheat were unchanged at mostly 7-00 even. Hard Red Winter Wheat with 11.5 pct protein was down a penny to 6 cents at mostly 7-66. DNS wheat with 14 pct protein was unchanged at mostly 9-42.

April live cattle were up 43 cents at 124-95. April Feeder cattle were up 63 cents at 153-10. April class III milk was up 37 cents at 16-26.

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