Big Down Day in Grains

Big Down Day in Grains
I’m KayDee Gilkey with the Market Line Report for April 2, 2013. ?
Wheat futures were on the defensive throughout the day Monday and extended losses into the close to finish in the teens to 20-plus cents lower in Chicago. Much of the pressure in the wheat pit came on spillover from sharp losses in corn futures as old-crop wheat must find a price that spurs demand. From the floor of the CME Group, Gary Kozlowski shares his observations of Monday’s markets.

Kozlowski: “We’re looking for a decline in feed usage on wheat so the inventory should come up but again wheat was pulling back down today. Doesn’t make a lot of sense in that area -- but it did. There is very weak demand right now overseas. We are seeing the Ukraine dish out a little bit more of what they’ve had in inventory.”

Chicago May Wheat ended Monday down 23 and 3/4 cents at 6-64. May corn ended the day down 53 cents at 6-42 and 1/4.??Portland prices for soft white wheat and club wheat were steady to down 23 and 3/4 cents at mostly 7-98. Hard Red Winter Wheat with 11.5 pct protein prices were down 17 cents at mostly 8-49 and 3/4. DNS wheat with 14 pct protein prices were down 14 and 1/2 cents at mostly 9-05 and 3/4. ??June live cattle were down Monday 27 and half cents at 128-75. May Feeder cattle were up $2.60 at 147-67 and half. May class III milk was down 7 cents at 18-27.