Wheat Market Lower Ahead of USDA Report

Wheat Market Lower Ahead of USDA Report

I’m KayDee Gilkey with the Market Line Report for Feb. 89, 2013. ?
Wheat futures traded lower on the day Thursday due to a stronger US dollar and on technical weakness. Corn and beans were also lower along with US stocks which added to the negative market sentiment.
From the floor of the CME Group, Scott Shellady shares his observations of Thursday’s markets.
Shellady: “A decent sell-off today -- 10 to 12 cents in corn and beans. I really think that is because those longs got nervous. Wheat kind of held in -- the wheat-corn-spread went out even more than it did yesterday. So some fishy things getting lined up going into that report tomorrow. But just remember option voltility telling us that we are not really going to expect too much.”
Chicago March Wheat ended Thursday down 5 and 1/2 cents at 7-56. March corn ended the day down 11 and 3/4 cents at 7-10 and 3/4.??Portland prices for soft white wheat and club wheat were down 5 and 1/2 to 8 cents at mostly 8-59 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 8 3/4 cents at mostly 9-09. DNS wheat with 14 pct protein prices were down 5 and 1/2 cents at mostly 9-43 and 1/4. ??April live cattle were up Thursday 7 and half cents at 131-52 and half. March Feeder cattle were down 35 cents at 147-20. March class III milk was up a penny at 17-39.