Wheat Market Traded Lower Again

Wheat Market Trading Lower Again

I’m KayDee Gilkey with the Market Line Report for Feb. 13, 2013. ?
KC and Chicago wheat traded lower on the day after forecasts suggested a much more active weather pattern over the next two weeks for not only the eastern Corn Belt but for the west as well. From the floor of the CME Group, Charles Nedoss shares his observations of Tuesday’s markets.
Nedoss: “Technically corn has really broken the all-important $7 mark. Not only is that $7 mark really that important because of the physiological mark but just above that at $7.05 lies a 200-day moving average and again both technically and fundamentally market really hasn’t given any impetus for traders to stand up and buy this market and so it has been trending lower. Wheat is also being pressured by weather here. Looks like the Plains states are going to get a drink of water which is not going to elevate the dry situation, but again could help things out.”
Chicago March Wheat ended Tuesday down 9 and 1/2 cents at 7-32. March corn ended the day down 6 cents at 6-96 and 1/4.??Portland prices for soft white wheat and club wheat were down 9 and 1/2 to 15 cents at mostly 8-47 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 5 and 3/4 to 10 and 3/4 cents at mostly 8-90. DNS wheat with 14 pct protein prices were down a dime at mostly 9-20. ??April live cattle were downTuesday 40 cents at 129-95. March Feeder cattle were down $1.55 at 143-25. March class III milk was up 21 cents at 17-41.