Wheat Market Mostly Unchanged

Wheat Market Mostly Unchanged

I’m KayDee Gilkey with the Market Line Report for Jan 4, 2013. ?
Grains closed mostly lower on a low volume session as buying enthusiasm was hard to muster on Thursday.  Outside markets were mostly negative as the Stock Market was slightly lower, along with crude oil and precious metals with the dollar index higher. From the floor of the CME Group, Frank Lesh shares his observations of Thursday’s markets.

Lesh: “Corn right now down to prices we’ve not seen since this past July. Wheat down to levels we haven’t seen since June. Cattle here this past week have been supported by this big move up in the equity markets. Certainly has helped with the wealth effect out there and generally we tend to see the cattle market rally with the equity market.”

Chicago March Wheat ended Thursday up a 1/4 of a cent at 7-55 and 1/2. March corn ended the day down 1 and 1/2 cents at 6-89 and 1/4.

Portland prices for soft white wheat and club wheat were steady to up 5 and 1/4 cents at mostly 8-37 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 1/4 of a cent to 2 an 1/4 cents at mostly 9-03 and 1/4. DNS wheat with 14 pct protein prices were up a nickel to a dime at mostly 9-36 and 1/2.

February live cattle were up Thursday $1.47 and 1/2 at 133-85. March Feeder cattle were up $1 even at 154-90. February class III milk was up 13 cents at 18-58.