Wheat Market Pressured Lower

Wheat Market Pressured Lower

I’m KayDee Gilkey with the Market Line Report for Jan 25, 2013. ?
KC and Chicago wheat traded lower on the day as sell pressure carried over from Wednesday's sharply lower trade. Much of Thursday's pressure was attributed to spillover from neighboring pits and a lack of fresh news. From the floor of the CME Group, Greg Wagner shares his observations of Thursday’s markets.

Wagner: “Mixed bag in grains, obviously we’ve had a corrective action in corn, soybeans and wheat coming off the big report on January 11th. We are at lower levels. In the case of the wheat market, a little bit different situation as no one is talking about 50-day moving average for wheat because it passed through the 50-day moving average below it on December 12th like a pin through butter. And it is so far away from the 50-day moving average that nobody is really talking about that.”

Chicago March Wheat ended Thursday down 6 and 1/4 cents at 7-68 and 1/2. March corn ended the day up 3 and 1/2 cents at 7-24 and 1/4.??Portland prices for soft white wheat and club wheat were steady to down 1 and 1/4 cents at mostly 8-59. Hard Red Winter Wheat with 11.5 pct protein prices were down8 and 3/4 cents at mostly 9-20 and 1/2. DNS wheat with 14 pct protein prices were down a nickel at mostly 9-48 and 1/2.??

February live cattle were up Thursday a dime at 125-87 and 1/2. March Feeder cattle were up 80 cents at 147-95. February class III milk was down 9 cents at 17-12.