Wheat Market Finished Moderately Lower

Wheat Market Finished Moderately Lower

I'm KayDee Gilkey with the Market Line Report for April 26, 2012.

Less fear of cold weather issues ahead plus ideas that the winter wheat crop yield potential is very high helped to pressure Wednesday’s wheat markets. Although the opening was strong, a lack of new buying interest and a push lower in corn sparked a fairly aggressive selling pace to end the day moderately lower.

Chris Robinson with Top Third Ag shares his observations of Wednesday’s markets.

Robinson: “We had a little repercussion in the grains off of the the first confirmed case of Mad Cow since 2006. It was only one cow, the animal was already rendered and even though it was a dairy cow, Mad Cow is not transmittable through milk. So for now, it seems that the media has decided not to create a little miniature fire storm around this. We did have some news that two South Korean independent cattle importers decided to not import U.S. beef anymore. But all in all, not a very big reaction.”

Chicago July Wheat ended Wednesday down 6 cents at 6-26 and 1/2. July corn was down 7 cents at 6-01 even.

Portland prices for soft white wheat and club wheat were unchanged to down 8 cents at mostly 7-06. Hard Red Winter Wheat with 11.5 pct protein was down a penny at mostly 7-45. DNS wheat with 14 pct protein was up 6 cents at mostly 9-34.

June live cattle ended up 70 cents at 112-28. August Feeder cattle were up 95 cents at 152-18. June class III milk was down 24 cents at 14-29.

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