Wheat Market Lower, Surprised By Sharp Increase in World Ending Stocks

Wheat Market Lower, Surprised By Sharp Increase in World Ending Stocks
I’m KayDee Gilkey with the Market Line Report for April 11, 2013. ?

Chicago and KC wheat traded sharply lower following a USDA report that was considered bearish against trade estimates after the US all wheat carryout was pegged at 731 million bushels, up from 716 in March and against trade estimates of 727. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.

Wagner: “What a remarkable Wednesday. You know we have a crop report out today, April WASDE report came out. The whole trade is focusing on what the grain stocks numbers, particularly the corn stocks are going to be. What happen? There is across the board headline numbers - shocking numbers - across the board.”

Chicago May Wheat ended Wednesday down 12 cents at 6-96 and 3/4. May corn ended the day up 4 and 3/4 cents at 6-49.??

Portland prices for soft white wheat and club wheat were down 8 and 1/4 to 15 cents at mostly 7-92 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 16 and 1/2 cents at mostly 8-71. DNS wheat with 14 pct protein prices were down 15 and 1/4 to 30 and 1/4 cents at mostly 9-12 and 1/2. ??

June live cattle were down Wednesday $1.70 at 120 even. May Feeder cattle were were down $2.42 and half at 142-32 and half. May class III milk was down 16 cents at 18-31.