Wheat Market Slightly Lower

Wheat Market Trades Slightly Lower
I’m KayDee Gilkey with the Market Line Report for April 10, 2013. 
Wheat markets traded slightly lower on the day ahead of Wednesday's Supply and Demand report. While USDA's Crop Condition Report Monday showed an increase in the amount of winter wheat rated "good" to "excellent," the amount of wheat rated in the "very poor" category also increased. From the floor of the CME Group, Charles Nedoss shares his observations of Tuesday’s markets.

Nedoss: “Today’s feature you are really seeing position squaring ahead of tomorrow’s report. It is a stocks report. These are really the significant numbers for corn they are looking for stocks number of 120.2 million metric tons versus the March estimate of 117.48 and for wheat they are looking for 178.6 versus a March estimate of 178.23 million metric tons.”

Chicago May Wheat ended Tuesday down 3 and 3/4 cents at 7-08 and 3/4. May corn ended the day up 10 and 3/4 cents at 6-44 and 1/4.

Portland prices for soft white wheat and club wheat were steady to down a nickel at mostly 8-01 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/2 cents at mostly 8-87 and 1/2. DNS wheat with 14 pct protein prices were steady at mostly 9-33 and 3/4.

June live cattle were down Tuesday 32 and 1/2 cents at 121-70. May Feeder cattle were were steady at 144-75. May class III milk was down 15 cents at 18-47.