Selling Pressure Lowers Wheat Market
Selling Pressure Lowers Wheat Market
I’m KayDee Gilkey with the Market Line Report for March 7, 2013. ?
Selling pressure in the wheat market built through the day amid pressure from the weather and a firmer dollar. From the floor of the CME Group Frank Lesh shares his observations of Wednesday’s markets.
Lesh: “Wheat under pressure and has made new contract lows this week. Russia and Eastern crops are doing much better than they did last year. Looking for higher production from those areas. We are looking for higher production from those areas. India we’re told is going to release 5 million tons of wheat here probably in the next four to six weeks before they harvest what is going to be another record wheat crop. so the crop. Aussie wheat crop also looking at that crop up about 13 percent on the year. So we are looking at a lot more wheat out there very soon. We are the cheapest wheat but at the moment really not helping with the export situation.”
Chicago May Wheat ended Wednesday down 20 cents at 6-76 and 1/4. May corn ended the day down 20 and 1/2 cents at 6-88 and 1/2.??Portland prices for soft white wheat and club wheat were down 11 to 14 and 1/4 cents at mostly 8-45 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 20 and 1/2 cents at mostly 8-49 and 1/2. DNS wheat with 14 pct protein prices were down 7 and 1/4 cents at mostly 9-23 and 1/4. ??April live cattle were down Wednesday 82 and half cents at 128-80. April Feeder cattle were down $1.35 at 142-25. April class III milk was up 2 cents at 17-38.
