Weather Moves Wheat Lower

Weather Moves Wheat Lower

I’m KayDee Gilkey with the Market Line Report for Feb. 22, 2013. 
Weather forecasts call for a significant precipitation event in the most important HRW areas. Even the positive export news wasn’t enough to support the markets. From the floor of the CME Group, Virginia McGathey shares her observations of Thursday’s markets.
McGathey: “Today the grains were a little bit mixed with wheat and corn a little bit lower and stronger in the soybeans. Right now wheat really closed off about 17 cents, evidently the snow and rain in the great plains -- the southern area that had the extreme drought finally got some moisture and it is really good for the winter wheat crop. That helped a lot but it has really put some pressure on the market.”
Chicago March Wheat ended Thursday down 17 and 1/4 cents at 7-21 and 1/4. March corn ended the day down 9 and 3/4 cents at 6-90 and 3/4.??Portland prices for soft white wheat and club wheat were down 5 to 17 and a /14 cents at mostly 8-53 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 20 cents at mostly 8-75 and 1/4. DNS wheat with 14 pct protein prices were down 14 and 1/4 to 19 and 1/4 cents at mostly 9-17 and 1/2. ??April live cattle were down Thursday 40 cents at 127-82 and half. March Feeder cattle were down 42 and half cents at 140-70. March class III milk was up 18 cents at 17-23.