Wheat Lower From Spillover Pressure

Wheat Lower From Spillover Pressure

I’m KayDee Gilkey with the Market Line Report for Feb. 12, 2013. ?
Wheat futures briefly poked into positive territory Monday morning, but this quickly gave way to profit-taking. Spillover pressure from corn and especially soybeans made it tough for wheat to find buyers Monday, as did rain chances for the Southern Plains this week. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.
Wagner: “Just got spillover continued spillover from that report on Friday. Double digit losses you look at soybeans whether it be old crop or new crop. Look at wheat double digit losses. Maybe the corn market has been able to catch some traction March corn holding above the $7 level. This thing should run its course over the course of the next few days.”
Chicago March Wheat ended Monday down 14 and 3/4 cents at 7-41 and a 1/2. March corn ended the day down 6 and 3/4 cents at 7-02 and 1/4.??Portland prices for soft white wheat and club wheat were mixed down 9 and 3/4 to up 8 cents at mostly 8-57. Hard Red Winter Wheat with 11.5 pct protein prices were down 11 cents at mostly8-98 and 3/4. DNS wheat with 14 pct protein prices were down 10 and 1/4 cents at mostly 9-30. ??April live cattle were up Monday 22 and half cents at 130-35. March Feeder cattle were down 20 cents at 144-80. March class III milk was down 22 cents at 17-20.