Wheat Market Pressured by Weather

Wheat Market Pressured by Weather

I’m KayDee Gilkey with the Market Line Report for Dec. 21, 2012. ?

March Chicago and KC wheat traded lower on the day Thursday after snow and rainfall moved across the western plains and into the eastern Corn Belt overnight with likely help to soil moisture conditions for some growing regions. From the floor of the CME Group, Charles Nedoss shares his observations of Thursday’s markets.

Nedoss: “Grain markets have really been under pressure as the past few session with export numbers slowing as the market has ground lower too, the technical picture as begun to worsen where you’ve seen grain markets close under key technicals. We also do have a weather system coming across that will should be beneficial to the wheat crop but negative to price in the sense that you do get some moisture and some snow cover.”

Chicago March Wheat ended Thursday down 15 and 1/4 at 7-90 and 1/2. March corn ended the day down 6 and 1/2 cents at 6-96 and 1/2.

Portland prices for soft white wheat and club wheat were down 10 and 1/4 cents at mostly 8-43. Hard Red Winter Wheat with 11.5 pct protein prices were down 14 and 1/4 cents at mostly 9-28 and 3/4. DNS wheat with 14 pct protein prices were down 11 and 3/4 cents at mostly 9-65 and 3/4.

February live cattle were down Thursday 85 cents at 133-50. January Feeder cattle were down $1.20 at 152-27 and 1/2. January class III milk was down 13 cents at 17-80.