Wheat Market Trades Lower

Wheat Market Trades Lower

I’m KayDee Gilkey with the Market Line Report for Feb. 5, 2013. ?
KC and Chicago wheat traded lower into the closing bell Monday on weak export demand which favored the bear camp. Additional pressure stemmed from a wetter forecast for the western plains and eastern Corn Belt over the next two weeks.
From the floor of the CME Group, Frank Lesh shares his observations of Monday’s markets.
Lesh: “Corn exports remain well behind the pace. Wheat was picking up but still not nearly what we need there. Egypt did a wheat purchase over the weekend but was a disappointment --- not nearly enough. It did come from th eU.S. but a very small purchase. A possibility that some of the problems that are over in Egypt are going to limit whatever imports they are able to do in the foreseeable future.
Chicago March Wheat ended Monday down 2 cents at 7-63. March corn ended the day down 1 and 3/4 cents at 7-34 and 1/4.??Portland prices for soft white wheat and club wheat were down 2 to 5 cents at mostly 8-67 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down a nickel at mostly 9-24. DNS wheat with 14 pct protein prices were down 4 and 3/4 cents at mostly 9-47. ??April live cattle were up Monday a dime at 132-27 and 1/2. March Feeder cattle were down 32 and a half cents at 148-87 and half. March class III milk was down 16 cents at 17-10.