Wheat Markets End Lower for the Week

Wheat Markets End Lower for the Week

I'm KayDee Gilkey with the Market Line Report for April 23, 2012.

A lack of new crop production concerns, talk of improving crop conditions and the move from higher to lower for the corn market helped to spark the selling pressures on Friday. Spring wheat concerns for cold weather into the weekend helped to provide some light support early but sellers were active when corn pushed lower and the market closed lower on the week and experienced "lower lows" for the move this week which will keep technical traders bearish.

Scott Shellady with ICAP US shares his observations of Friday’s markets.

Shellady: “Here on the CME floor in Chicago on an expiring Friday, April the 20th. Boy oh boy you know you haven’t seen one of these days in a long time. I’m sure for those of you who have seen the tape today it is a very odd trade. We had beans up 35 cents at one time, corn down 10 and wheat down
10 which I don’t know that last time I’ve seen that on a day that started out fairly benign.”

Chicago July Wheat ended Friday down 9 cents at 6-23. May corn was down 9 and 1/4 cents at 6-03.

Portland prices for soft white wheat and club wheat were not fully established but were at mostly 7-04. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established but ranged between 7-31 to 7-46. DNS wheat with 14 pct protein prices were not fully established and ranged between 9-41 to 9-51.

June live cattle ended down 40 cents at 115-45. August Feeder cattle were down 20 cents at 155-33. June class III milk was down 15 cents at 14-65.

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