Wheat Markets Closed Lower

Wheat Markets Closed Lower

I'm KayDee Gilkey with the Market Line Report for May 7, 2012.

Weakness in outside market forces and a further sell-off in the other grains plus a sharp break in crude oil and the stock market helped to pressure the market into the mid-session on Friday. Chicago wheat futures were sharply lower for the week.

On tap this week is USDA’s Crop Progress/Condition Report today and its Supply & Demand Report Thursday. The first of these will reflect a well-advanced crop that is in much better shape than last year. The other report will likely reflect ample domestic and global supplies, opening the door for more pressure on wheat futures. 

From the floor of the CME, Gary Kozlowski with United Futures Trading shares his observations of Friday’s markets.

Kozlowski: “Now the wheat guys, their inventory are up, they’ve got a great winter wheat crop they’ve got a great spring crop coming so everything is looking pretty strong.”

Chicago July Wheat ended Friday down 6 cents at 6-09 and 1/2. July corn was up 5 and 3/4 cents at 6-20 and 1/4.

Portland prices for soft white wheat and club wheat were down 5 to 20 cents at mostly 6-75. Hard Red Winter Wheat with 11.5 pct protein prices were down 6 cents at mostly 7-28. DNS wheat with 14 pct protein prices were down 2 at mostly 8-87.

June live cattle ended down 50 cents at 115-37. August Feeder cattle were up 88 cents at 158-10. June class III milk was down 3 cents at 14-09.

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