Wheat Market Down Yet Again

Wheat Market Down Yet Again

I’m KayDee Gilkey with the Market Line Report for Feb. 6, 2013. ?
KC and Chicago wheat traded lower into the closing bell Tuesday on profit taking and as technical signals soured which added momentum to the downside. KC wheat lost ground to Chicago and both wheat markets narrow their premium to corn. From the floor of the CME Group, Jack Scoville shares his observations of Tuesday’s markets.
Scoville: “Really no news for much of the market action today and that is really kinda of why the markets were moving lower. There really hasn’t been anything in the way of demand news over the last couple of days -- well so far this week. And that has brought a little selling into the market.”
Chicago March Wheat ended Tuesday down 5 and /12 cents at 7-57 and 1/2. March corn ended the day down 5 and 1/4 cents at 7-29.??Portland prices for soft white wheat and club wheat were down 5 to 5 and 1/2 cents at mostly 8-61 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 4 and 3/4 to 9 and 3/4 cents at mostly 9-15 and 1/4. DNS wheat with 14 pct protein prices were mixed -- down 5 and 1/4 to up 4 and 3/4 cents at mostly 9-43 and 3/4. ??April live cattle were up Tuesday 2 and half cents at 132-30. March Feeder cattle were down 35 cents at 148-52 and half. March class III milk was down 11 cents at 16-99.