Sleepy Wheat Market Has Slight Dip

Weather pressured wheat futures on Monday. While temps dipped below freezing in areas of the Central and Southern Plains Sunday night and a freeze warning was in effect for some locations again Monday night, traders focused on the benefit of recent precip as the winter wheat crop greens up. From the floor of the CME Group Greg Wagner shares his observations of Monday’s markets.

Wagner: “We had a mix bag today actually the corn led, led very much strong over a nickel gains in the corn market. We are going obviously into this Grain stocks and planning intention report on Thursday. Soy complex was weaker but not dramatically though.”

Chicago May Wheat ended Monday down 2 and 1/2 cents at 7-27 and 1/4. May corn ended the day up 7 cents at 7-33 and 1/4.??Portland prices for soft white wheat and club wheat were unchanged to down 2 cents at mostly 8-47 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 1/2 cents at mostly 8-99. DNS wheat with 14 pct protein prices were down 1 and 1/4 cents at mostly 9-50 and 1/4. ??April live cattle were up Monday 25 cents at 126-45. April Feeder cattle were up 35 cents at 138-40. April class III milk was down 22 cents at 17-36.