News of Canadian Record Wheat Crop Causes Slight Drop in Wheat Markets

The wheat market posted lower all across the board Wednesday after Stats Canada pegged their wheat production at a whopping and record high of 37.5 million tonnes as compared with trade estimates of 33.8 million tonnes and the October estimate of 33 million. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday's markets.

Howitz: "Wednesday's grain trade saw pretty much a mixed market but I think we saw some interesting things happening. We saw both corn and soybeans higher on the day. Wheat once again become the weak sister."

Chicago March Wheat ended Wednesday down 6 and 1/2 cents at 6-61 and 3/4. March corn ended the day up 5 and 1/4 cents at 4-36 and 1/2.??Portland prices for soft white white were down 1 and 1/2 to 6 and 1/2 cents at mostly 7-24 and 1/4. White club wheat prices were down 1 and 1/2 to 6 and 1/2 cents at mostly 7-49 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 2 and 1/4 to 7 and 1/4 cents at mostly 8-01 and 1/4. DNS wheat with 14 percent protein prices were down 12 cents at mostly 8-29 and 1/2.

?February live cattle were up 32 and half cents Wednesday at 134-42 and half. January Feeder cattle were up 20 cents at 165-05. January class III milk was up 32 cents at 18-72.