Wheat Market Down on Wet Weather Forecast

Wheat Market Down on Wet Weather Forecast

I’m KayDee Gilkey with the Market Line Report for Feb. 20, 2013. ?
Wheat and corn futures markets struggled while soybeans posted sharp gains on Tuesday.  Wheat prices moved lower as weather report says the latest winter storm could provide needed moisture to key growing areas. From the floor of the CME Group, Virginia McGathey shares her observations of Tuesday’s markets.?
McGathey: “Today in the grains we really had a mixed bag. Starting out with the wheat opened a little bit lower and really then started to slide hard. Was down 15 almost 16 cents today, was able to come back some finished down about 10 cents. But basically there has some precipitation that is really being added to the drought areas of the central plains, thats giving some moisture and some idea that the crop is going to be a little bit better.”
Chicago March Wheat ended Tuesday down 10 cents at 7-32 and 1/4. March corn ended the day down 3 and 1/2 cents at 6-95 and 1/4.??Portland prices for soft white wheat and club wheat were steady down to a dime at mostly 8-64 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 8 and 1/2 cents at mostly 8-87. DNS wheat with 14 pct protein prices were down 7 and 3/4 to 15 and 3/4 cents at mostly 9-26 and 3/4. ??April live cattle were down Tuesday 90 cents at 129-55. March Feeder cattle were down 20 cents at 143-17 and half. March class III milk was down a nickel at 17-25.