Aggressive Selling in Wheat Market Ahead of USDA Crop Reports

Aggressive Selling in Wheat Market Ahead of USDA Crop Reports

I'm KayDee Gilkey with the Market Line Report for March 30, 2012.?

May wheat collapsed to close sharply lower on the session Thursday as fund traders were active sellers across a wide range of the commodity markets. From the floor of the CME, Greg Wagner with GWX Ag Advisors speaks of the market’s anticipation of Friday morning’s release of USDA crop reports.

Wagner: “This report -- irregardless of what the numbers that come out -- its not going to be neutral. We are going to see a big response, we will adjust to it, the market will adjust to it. Look forward to weather, prospective demand and so on.”

Chicago May Wheat ended Thursday down 18 and 1/4 cents at 6-12 and 1/2. July new crop was down 16 and 1/4 cents at 6-27 and 1/2. May corn was down 16 and 1/4 cents at 6-04.

Portland prices for soft white wheat and club wheat were down 15 to 25 cents at mostly 6-82. Hard Red Winter Wheat with 11.5 pct protein was down 16 cents at mostly 7-47. DNS wheat with 14 pct protein was down 9 cents at mostly 9-32.

April live cattle ended up down $1.95 at 122-50. April Feeder cattle were down $1.70 at 151-28. April class III milk was down 13 cents at 15-62.

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