Wheat Market Sharply Lower

Wheat Market Sharply Lower

I’m KayDee Gilkey with the Market Line Report for Feb. 26, 2013. ?
Wheat markets tumbled sharply lower Monday with the Chicago May contract trading at levels last seen in June of 2012. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.?
Wagner: “The wheat market has already deteriorated. We squeaked out gains but maybe we can finally find some traction. It is befuddling knowing what the fundamentals are in wheat and you see the price performance. One demand note for wheat is of course that the premium to wheat to corn has shrunk considerably and that would imply obviously an increase in feed wheat usage and which is a demand element -- and wheat needs all the demand it can get.”
Chicago May Wheat ended Monday down 13 and 1/2 cents at 7-05 and 1/4. May corn ended the day up 1 and 1/4 cents at 6-85 and 1/2.??Portland prices for soft white wheat and club wheat were steady to down 4 and 3/4 cents at mostly 8-45 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 15 and 1/2 to 19 and 1/2 cents at mostly 8-56 and 1/4. DNS wheat with 14 pct protein prices were down 1 and 1/4 to 4 and 1/4 cents at mostly 9-12 and 1/2. ??April live cattle were up Monday 20 cents at 128-42 and half. April Feeder cattle were down 7 and half cents at 143-77. April class III milk was down 27 cents at 17-01.