Modest Losses for Wheat Market
Modest Losses in Wheat Market
I’m KayDee Gilkey with the Market Line Report for Jan 7, 2013. ?
Grains ended the week in a familiar pattern closing with losses. Outside
markets were mostly negative as the dollar index was higher, precious metals lower and crude oil slightly lower. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.
Barnett: “Well, another down day across the trading floor. The big factor here today, at least in part was Performa. A highly respected private crop estimate out of Performa ahead of next week’s USDA report. What they are looking for is another big increase in the size of the U.S. crop compared to the November crop projections. They estimate corn up by 75 million bushels and soybeans to be up by 65 million bushels. Overall it is a down day across the trading floor.”
Chicago March Wheat ended Friday down 8 and 1/4 cents at 7-47 and 1/4. March corn ended the day down 9 cents at 6-80 and 1/4.
Portland prices for soft white wheat and club wheat were down 2 and 3/4 to 8 and 1/4 cents at mostly 8-31 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 and 3/4 to 6 and 3/4 cents at mostly 8-97 and 1/2. DNS wheat with 14 pct protein prices were down 5 and 1/2 cents at mostly 9-32.
February live cattle were down Friday 90 cents at 132-95. March Feeder cattle were up $1.42 and 1/2 at 156-32 and 1/2. February class III milk was down 18 cents at 18-40.