Wheat Market Has Double Digit Losses

Wheat Market Has Double Digit Losses

I’m KayDee Gilkey with the Market Line Report for March 5, 2013. ?
Wheat futures were lower throughout the day and ended with double digit losses. Improved moisture through the Plains pressured wheat futures. While the forecast for the Central and Southern Plains is mostly dry until late in the week when rains are possible, melting snow from last week's storms is expected to boost soil moisture. From the floor of the CME Group Joe Vaclavik shares his observations of Monday’s markets.
Vaclavik: “The big event this week is going to be the USDA March Crop Production Report that’s on Friday, at 11 a.m. central time. Just looking at some pre-report estimates here, we’re looking for bearish wheat numbers 713 the average trade guess there, versus 691 in February. All in all markets acted in accordance to these pre-report estimates today with soybeans up and corn and wheat lower.”

Chicago May Wheat ended Monday down 18 cents at 7-02 and 1/2. May corn ended the day down 5 and 1/4 cents at 7-03 and 1/4.??Portland prices for soft white wheat and club wheat were down 18 to 20 cents at mostly 8-51 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 18 cents at mostly 8-61. DNS wheat with 14 pct protein prices were down 13 cents at mostly 9-30 and 1/4. ??April live cattle were up Monday 40 cents at 130-35. April Feeder cattle were up 57 and half cents at 144-72 and half. April class III milk was up a nickel at 17-18.