Sharp Losses in Wheat Markets

Sharp Losses in Wheat Markets

I'm KayDee Gilkey with the Market Line Report for May 10, 2012.

Traders predict a hefty production total for the crop production report this morning and the selling in corn seemed to have opened the door for more aggressive selling. Even a strong recovery in the US stock market and energy markets failed to provide much support to the commodity markets on Wednesday.

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

Kitt: “Well, it was another macro day to start things but fundamentals kind of reasserted themselves late. Overall the complex finished down across the board -- lots and and lots and lots of red. Again we started the day with Euro jitters. Everybody is worried about the potential of another uncertain bout of events kind of in Greece, and in France and the entire European One is was in turmoil again. The main focus on today really was position day.”

Chicago July Wheat ended Wednesday down 15 cents at 6 even. July corn was down 15 and 3/4 cents at 6-07 and 1/4.

Portland prices for soft white wheat and club wheat were unchanged to down a nickel at mostly 6-73. Hard Red Winter Wheat with 11.5 pct protein prices were down 17 cents at mostly 7-16. DNS wheat with 14 pct protein prices were down 3 cents at mostly 8-76.

June live cattle ended up 83 cents at 116-60. August Feeder cattle were up 13 cents at 158-90. June class III milk was up 13 cents at 14-38.

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