Weather Continues to Pressure Wheat Market

Weather Continues to Pressure Wheat Market

I’m KayDee Gilkey with the Market Line Report for Feb. 25, 2013. ?
Export sales Friday morning were again disappointing for corn, negative for soybeans and on the upper end of expectations for wheat.  Wheat continues to see pressure from moisture in the winter wheat areas.  Corn was slightly down on a possible wet outlook for Argentina and Brazil. From the floor of the CME Group, Kevin Craney shares his observations of Friday’s livestock markets.?
Craney: “Livestock trading a bit higher on the day. Really what we are looking at from a cattle perspective is lower supply going forward. USDA talking about drop in feeder cattle supplies and cattle supplies in general.”
Chicago May Wheat ended Friday down 5 and 1/4 cents at 7-18 and 3/4. May corn ended the day down 1 and 1/4 cents at 6-84 and 1/4.??Portland prices for soft white wheat and club wheat were down 3 to 11 and a 1/4 cents at mostly 8-48 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were mixed down 7 and 1/2 to up 7 and 1/2 cents at mostly 8-73 and 3/4. DNS wheat with 14 pct protein prices were mixed down 3 and 3/4 to up 1 and 1/4 cents at mostly 9-15 and 3/4. ??April live cattle were up Friday 40 cents at 128-22 and half. April Feeder cattle were up 60 cents at 143-77 and a half. April class III milk was down 7 cents at 17-27.