Wheat Market Traded Lower

I’m KayDee Gilkey with the Market Line Report for April 25, 2013. 
Chicago and Kansas City wheat traded lower for most of the session with Chicago acting as the leader to the downside despite it being the "cheapest" wheat in the world according to some traders. Temperatures fell to the mid-20s in central and southern KS, parts of OK, and north Texas overnight which likely damaged a fair amount of wheat in the region. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.

Wagner: “This market from a price standpoint, in new crop corn as well as soybeans is much more vulnerable to downside risk in fits and starts than a lot of people realize. It will be a blessing for livestock producers but ultimately it is something that actual grain producers need to focus on.”

Chicago May Wheat ended Wednesday down 5 and 3/4 cents at 6-91 and 3/4. May corn ended the day up a penny at 6-39 and 1/2.

Portland prices for soft white wheat and club wheat were down 5 to 7 and 1/2 cents at ranging between 7-70 and 7-75. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/2 cents at mostly 8-80. DNS wheat with 14 pct protein prices were up a 1/2 of a cent at 9-31 and 1/2.

June live cattle were up Wednesday $1.25 at 122-07 and a half. May Feeder cattle were up a $1-50 at 141-10. May class III milk was up 7 cents at 18-69.