Wheat Markets Softened

Wheat Markets Softened

I'm KayDee Gilkey with the Market Line Report for April 25, 2012.

After a positive beginning on Tuesday, wheat markets softened by day’s end and the cattle futures closed down the 300 point daily trading limit in the April through December contracts all due to a rumored case of BSE.
 
From the floor of the CME, Virginia McGathey with McGathey Commodities shares her observations of Tuesday’s markets.

McGathey: “At this point right now corn did open higher as well as wheat. We thought that the market was going to stay strong, but there was a little bit of a sell-off in mid-day. The story of the day right now is that the cattle are limit down right now on a rumor that there was a case of Mad Cow disease in California.”

The BSE rumor was confirmed by USDA later on Tuesday afternoon. A central California dairy cow was confirmed with BSE, but that cow did not enter the food supply.

Chicago July Wheat ended Tuesday unchanged at 6-32 and 1/2. July corn was down 4 and 1/2 cents at 6-08.

Portland prices for soft white wheat and club wheat were unchanged to up 4 cents at mostly 7-10. Hard Red Winter Wheat with 11.5 pct protein was down 2 cents at mostly 7-46. DNS wheat with 14 pct protein was down 9 to 12 cents at mostly 9-28.

June live cattle ended down $3 at 111-58. August Feeder cattle were down $3 at 151-23. June class III milk was up 38 cents at 14-53.

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