Wheat Closes Sharply Lower

Wheat Closes Sharply Lower

I'm KayDee Gilkey with the Market Line Report for March 29, 2012.?
May wheat opened higher and closed sharply lower on the session Wednesday to experience the lowest close since January 20th. From the floor of the CME, Jack Scoville with Price Futures Group shares his observation’s of Wednesday’s markets.

Scoville: “A lot of the trade in both corn and wheat was traders getting out of positions before the USDA reports on Friday. especially in corn and wheat, we are looking for high inventories and in corn a high planted area to kind of keep that market in a bearish tone as we move into this spring. And that could be but it seems like we are factoring for both those markets a lot of bearish right now. So it will be interesting to see the price reaction after the reports are released on Friday.”

Chicago May Wheat ended Wednesday down 9 cents at 6-30 and 3/4. July new crop was down 9 and 1/4 cents at 6-43 and 1/2. May corn was down 10 and 1/2 cents at 6-20 and 1/4.

Portland prices for soft white wheat and club wheat were down a nickel to a dime at mostly 7 even. Hard Red Winter Wheat with 11.5 pct protein was down 9 cents at mostly 7-63. DNS wheat with 14 pct protein was down 8 cents at mostly 9-41.

April live cattle were down $1.15 at 124-45. April Feeder cattle were down$1.05 at 152-98. April class III milk was up 35 cents at 15-75.

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