Wheat Trades Lower

Wheat Trades Lower

I’m KayDee Gilkey with the Market Line Report for March 19, 2013. 
The soft white wheat market fell apart with double digit losses on Monday. Soft White’s basis has continued up for three months while the future markets went lower. Recent strong farmer selling has slowed export interest at this time. On the futures market, wheat traded lower on the day in what was a mostly negative session for the broader-commodity market as Euro-zone financial fears hit the market over the weekend. From the floor of the CME Group Greg Wagner shares his observations of Monday’s markets.

Wagner: “Well we start the week with grains under pressure. Focused on the soybean market then wheat. Corn looks like its going to settle a little higher; soybeans under double digit losses, extreme pressure, wheat as well.”

Chicago May Wheat ended Monday down 10 and 1/4 cents at 7-12 and 3/4. May corn ended the day up 3 cents at 7-20.

Portland prices for soft white wheat and club wheat were down 35 and 1/4 to 43 cents cents at mostly 8-44 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down to 2 and 1/4 to 7 and 1/4 cents at mostly 8-84 and 1/4. DNS wheat with 14 pct protein prices were down 7 and 1/2 cents at mostly 9-37 and 3/4. 

April live cattle were up Monday 27 and half cents at 126-05. April Feeder cattle were up 30 cents at 139-40. April class III milk was up 23 cents at 17-38.