Choppy Wheat Market Lower Again
Choppy Wheat Market Lower Again
I’m KayDee Gilkey with the Market Line Report for Jan 24, 2013. ?
KC and Chicago wheat traded stronger early in the session but liquidation late in the day took both markets into negative territory into the closing bell on Wednesday. Outside markets were slightly negative with equities trading lower early on but turned positive late in the day. From the floor of the CME Group, Virginia McGathey shares her observations of Wednesday’s markets.
McGathey: “Wheat has been on a tear. You know it got to $8 a couple of days ago. It couldn’t quite hold it today even though we were up five cents ended up getting down about 9 and closing down 4. So a little bit of a choppy market. There has been, it has really is technical pressure some selling coming in. Any time there is a profit coming in, they want to take it back. Same thing with corn.”
Chicago March Wheat ended Wednesday down 4 and 1/2 cents at 7-74 and 3/4. March corn ended the day down 7 and 3/4 cents at 7-20 and 3/4.??Portland prices for soft white wheat and club wheat were steady to down 4 and 1/2 cents at mostly 8-59 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down a half of a cent at mostly 9-29 and 1/4. DNS wheat with 14 pct protein prices were down 3 and 3/4 cents at mostly 9-52 and 1/2.??
February live cattle were up Wednesday a nickel at 125-77 and 1/2. March Feeder cattle were up 15 cents at 147-15. February class III milk was down 6 cents at 17-21.
