Sharp Losses in the Grain Markets

Sharp Losses in Grain Markets

I’m KayDee Gilkey with the Market Line Report for Dec. 27, 2012. ?
KC and Chicago wheat futures traded sharply lower into the closing bell and both made a new low for the move on the day. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “Sharply lower trade in the grain market here the day after Christmas. We did not have an overnight trade last night, we opened up at 9:30 just like back in the old days. We started off higher in the beans, started off higher in the corn and everything sold off very quickly off the open. Had double digit losses in the beans, double digit losses in nearby corn contracts and also double digit losses in the nearby wheat contracts. The next big report from the USDA is going to be the January Crop Report that will be on January 11th.”

Chicago March Wheat ended Wednesday down 19 and 1/4 at 7-74 and 1/2. March corn ended the day down 11 cents at 6-93 and 1/4.

Portland prices for soft white wheat and club wheat were down 17 and 1/2 cents at mostly 8-27. Hard Red Winter Wheat with 11.5 pct protein prices were down 17 and 1/2 cents at mostly 9-09 and 1/2. DNS wheat with 14 pct protein prices were down 12 and 1/2 cents at mostly 9-51.

February live cattle were up Wednesday 55 cents at 133-78 January Feeder cattle were up 58 cents at 152-08. January class III milk was down 29 cents at 18-08.