Markets Under Pressure Due to Weather Concerns

 Markets Under Pressure Due to Weather Concerns

I'm KayDee Gilkey with the Market Line Report for March 23, 2012. Wheat and corn found renewed buying interest on Thursday after a three day losing streak. Wheat futures posted an impressive turnaround to end stronger after a weaker start. Traders see improving crop conditions ahead but there are growing concerns of potential for April cold weather so traders will be monitoring the extended forecast models closely. From the floor of the CME, Joe Vaclavik with Straits Financial shares his observation’s of Thursday’s markets. 

Vaclavik: “Grain markets under pressure early today. The corn and wheat markets were able to bounce back with old crop contracts. The last few days -- this whole week -- the market has been under pressure. I think weather has a lot to do with it. We are seeing very warm temperatures obviously throughout the corn belt and throughout the country.”

Chicago May Wheat ended Thursday up a dime at 6-46 and 1/4. July new crop was up 9 and 3/4 cents at 6-55 and 1/2. May corn was down 2 and 1/2 cents at 6-44 and 1/2. 

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 up 9 to  11 cents at mostly 7-76. DNS wheat with 14 pct protein was up 8 cents at mostly  9-50.

April live cattle were up 30 cents at 125-25. April Feeder cattle were up 50 cents at 153-60. April class III milk was up a nickel at 16-31. 

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