Choppy Day for Wheat Market

Choppy Day For Wheat Market

I’m KayDee Gilkey with the Market Line Report for March 18, 2013. ?
Wheat futures saw choppy trade on Friday. Recent signs that U.S. wheat is attracting increased demand played a big role in last week's recovery. From the floor of the CME Group Scott Shellady shares his observations of Friday’s markets.

Shellady: “Well, livestock kinda of followed the grains today. You know what, globally, if you are a broker upstairs looking at what happened around the world we had a very lack luster volume day in every exchange around the world. We saw the equity markets back off for the first time in a long time. Grains and meats followed in tandem with what was happening globally. We had some decent numbers economically we’d like to think it would help our economy here but we’ve had such a good run lately, we just had a general pall over the market settle in and we saw some decent profit taking.”

Chicago May Wheat ended Friday down 1 and 3/4 cents at 7-23. May corn ended the day up a 1/2 of a cent at 7-17.??Portland prices for soft white wheat and club wheat were down 1 and 3/4 cents at mostly 8-83. Hard Red Winter Wheat with 11.5 pct protein prices were down 1 and 1/4 cents at mostly 8-91 and 1/2. DNS wheat with 14 pct protein prices were down 4 and 3/4 cents at mostly 9-47 and 1/4. ??April live cattle were down Friday $2.27 and half at 127-77 and half. April Feeder cattle were down $2.45 at 139-10. April class III milk was down a penny at 17-15.