India Has Bumper Wheat Crop

India Has Bumper Wheat Crop

I’m KayDee Gilkey with the Market Line Report for Feb.4, 2013. ?
KC and Chicago wheat traded sharply lower on the day Friday on technical selling and profit taking after recent gains. From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.
Barnett: “We have limited export sales for U.S. Wheat. We’re seeing unexpected supplies and competition out of India. Every month there is somewhere in the world harvesting wheat. And India is in February and March and it looks like they are going to have a bumper crop. Normally a lot of that is just feed wheat, but they’ve opened up, they’ve deregulated allowing a lot of the exporters to market directly without any special government approval. That is leading to expectations that we are going to get a lot of Indian wheat in the market. And while a lot of that will be feed, there is also some of that that is entering, especially Asian market channels.”
Chicago March Wheat ended Friday down 14 and 1/2 cents at 7-65. March corn ended the day down 4 and 1/2 cents at 7-36.??Portland prices for soft white wheat and club wheat were down 5 to 14 and 1/2 cents at mostly 8-70. Hard Red Winter Wheat with 11.5 pct protein prices were down 15 and 3/4 cents at mostly 9-29. DNS wheat with 14 pct protein prices were down 13 and 1/4 cents at mostly 9-51 and 3/4. ??April live cattle were down Friday 62 and 1/2 cents at 132-17 and 1/2. March Feeder cattle were down 35 cents at 149-20. March class III milk was up 28 cents at 17-26.