All Wheat Markets Down Wednesday

All Wheat Markets Down Wednesday

I'm KayDee Gilkey with the Market Line Report for May 24, 2012.

July wheat traded moderately lower for much of the day. Ideas that the rally in the past week was too aggressive, weakness in outside markets and further talk of at least some rain in Russia to ease drought concerns helped to pressure. 

From the floor of the CME Group, Joe Vaclavik with Straits Financial shares his observations of Wednesday’s markets.

Vaclavik: “The U.S. dollar is making some new highs here today, definitely a little bit negative for the grains. Another thing that a few people were talking about -- maybe no legitimacy to this -- but that JP Morgan may have had to liquidate some of their commodity funds in the wake of the big trading loss a couple of weeks ago. So really a lot out there.  As we move forward, we’ve got a big three-day weekend coming up. I think weather is going to be the biggest thing.”

Chicago July Wheat ended Wednesday down 17 and 1/4 cents at 6-68 and 1/4. July corn was up 6 and 1/2 cents at 6-03 and 1/2.

Portland prices for soft white wheat and club wheat were down 10 to 15 cents at mostly 6-92. Hard Red Winter Wheat with 11.5 pct protein prices were down 15 cents at mostly 7-82. DNS wheat with 14 pct protein prices were down 6 cents at mostly 9-19. 

June live cattle ended down $1.55 at 117-80. August Feeder cattle were down $1.65 at 158-48. June class III milk was up 17 cents at 15-58. 

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