Wheat Market Faces Heavy Pressure

Wheat Market Faces Heavy Pressure

I’m KayDee Gilkey with the Market Line Report for Jan 3, 2013. ?
Wheat futures were the downside leader in the grain and soy markets Wednesday. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “We had some early enthusiasm to begin the new year. Soybeans, corn and wheat all rallied right off the open and sold off very, very quickly. The bean market was lower on the day within 45 minutes. The corn market followed suit same thing with the wheat. You know we’ve had a bear market in these grains since early September and nothing has really changed. We saw some money come in and attempt to bid this stuff up early today. But it’s been a sell market and continues to be until we get a trend change, take out some key resistance levels to the upside.”

Chicago March Wheat ended Wednesday down 22 and 3/4 cents at 7-55 and 1/4. March corn ended the day down 7 and 1/2 cents at 6-90 and 3/4.

Portland prices for soft white wheat and club wheat were down 15 to 17 and 3/4 cents at mostly 8-33 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were 20 cents at mostly 9-02. DNS wheat with 14 pct protein prices were down 21 to 24 cents at mostly 9-27 and 1/2.

February live cattle were up Wednesday 7 and 1/2 cents at 132-37 and 1/2. March Feeder cattle were down 37 and 1/2 cents at 153-90. February class III milk was up 13 cents at 18-45.