Wheat Market Closed Slightly Lower

Wheat Market Closed Slightly Lower

I'm KayDee Gilkey with the Market Line Report for April 19, 2012.

US wheat futures fell on Wednesday, their fourth straight day of declines, on pressure from a firm US dollar and plentiful global supplies. It's somewhat impressive that losses in the nearby wheat contracts were mostly in the range of 3 to 7 cents given double-digit declines in nearby corn and soybean futures. 

From the floor of the CME, Jerrod Kitt Director of Research with The Linn Group shares his observations of Wednesday’s markets.

Kitt: “Really the futures market is doing its job. It is looking out into the future and is seeing this gigantic wall of grain coming at it. It is trying to price that in, speculators are getting out of Dodge, getting down to zero. Hopefully we can try and stabilize things soon here.”

Chicago May Wheat ended Wednesday down 4 and 3/4 cents at 6-10 and 3/4. July new crop was down 4 and 1/2 cents at 6-15 and 3/4. May corn was down 15 cents at 6-01 and 3/4.

Portland prices for soft white wheat and club wheat were down nickel at mostly 6-93. Hard Red Winter Wheat with 11.5 pct protein prices were down a penny to 6 cents at mostly 7-31. DNS wheat with 14 pct protein prices were down 9 cents at mostly 9-43.

June live cattle ended down $1.75 at 114-83. May Feeder cattle were down $1.10 at 152-03. May class III milk was down 15 cents at 14-68.

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