Wheat Market Slightly Lower

Wheat Market Slightly Lower

I’m KayDee Gilkey with the Market Line Report for Jan 30, 2013. ?
KC and Chicago wheat traded slightly lower into the closing bell Tuesday on thoughts that export demand may not pick up enough to hit the current USDA export estimate for this crop year. Monday's crop conditions ratings showed additional deterioration for the wheat crop in the western plains. From the floor of the CME Group, Gary Kozlowski shares his observations of Tuesday’s markets.
Kozlowski: “Now if we go over to wheat, one of the situations that we haven’t talked about lately has been Australia. Australia went through last week they went through some extremely high temperatures they were in the hundred-and-teens throughout a whole week or so. Then all of a sudden, half of the country is flooding right now. So there is a lot of issues there with the wheat.”
Chicago March Wheat ended Tuesday down 2 and 1/4 cents at 7-77. March corn ended the day up a 1/4 of cent at 7-29 and 1/2.??Portland prices for soft white wheat and club wheat were steady to down 2 and 1/4 cents at mostly 8-68. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 cents at mostly 9-29 and 3/4. DNS wheat with 14 pct protein prices were down 5 and 1/2 cents at mostly 9-55. ??April live cattle were down Tuesday 42 and 1/2 cents at 132-97 and 1/2. March Feeder cattle were down $1.07 and 1/2 at 148-82 and 1/2. March class III milk was down 23 cents at 16-64.