Down Grain Markets

Down Grain Markets

I'm KayDee Gilkey with the Market Line Report for April 17, 2012.?

The early selling pushed the market lower and futures saw choppy to higher trade for much of Monday until late selling drove July wheat sharply lower and to new lows of the day late in the session. More good rains over the weekend for the central plains and ideas that US and European wheat conditions are improving helped to support. From the floor of the CME, Frank Lesh with Future Path Trading shares his observations of Monday’s markets.

Lesh: “All markets were on the defensive of course as were a lot of different commodities in here today. Right now we have a stronger dollar in here and a aspect of a slowing China in the markets. Of course we do have better crop conditions worldwide so all putting pressure on things. U.S. weekend weather here very good.”

Chicago May Wheat ended Monday down 7 and 1/4 cents at 6-16 and 1/4. July new crop was down 9 cents at 6-21 and 1/4. May corn was down 6 cents at 6-23 and 1/4.

Portland prices for soft white wheat and club wheat were not fully established but at mostly 6-95. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established and ranged between 7-30 to 7-45. DNS wheat with 14 pct protein prices were not fully established but ranged between 9-65 and 9-70.

June live cattle ended up 8 cents at 116-15. May Feeder cattle were up 40 cents at 151-93. May class III milk was up a penny at 14-98.

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