Two-sided Trade in Wheat Market, Finishes Lower

I’m KayDee Gilkey with the Market Line Report for Jan 23, 2013. ?

Wheat futures saw two-sided trade Tuesday, but the market spent the majority of the day in negative territory and faded into the close. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.

Vaclavik: “The wheat market kinda a nasty trade today. We opened up trading 10 cents higher in the day early in the session, things back off very very quickly, finished with big losses across the board. Despite the weather situation, there isn’t a great demand for this wheat right now, especially on the export level. We did see the USDA bump up the projected feed usage for wheat up quite a bit in their last report but this export demand just seems to be not that great right now.”

Chicago March Wheat ended Tuesday down 12 cents at 7-79 and 1/4. March corn ended the day up a penny at 7-28 and 1/2.??Portland prices for soft white wheat and club wheat were steady to down 7 cents at mostly 8-62 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 13 cents at mostly 9-29 and 3/4. DNS wheat with 14 pct protein prices were down 9 and 3/4 cents at mostly 9-55 and 1/4.??

February live cattle were up Tuesday 77 and 1/2 cents at 125-72 and 1/2. March Feeder cattle were up 65 cents at 147 even. February class III milk was down a penny at 17-27.