Wheat Markets Under Pressure

Wheat was under pressure from a strong rally in the U.S. dollar index. From the floor of the CME Group, Larry Shover shares his observations of Thursday's markets.

Shover: "Grains were seeing red across the board -- really just a lack of information. Starting with corn, corn flattish to a little bit down on the day. Right now just struggling with chart supports. Moving on to wheat -- wheat down 8 and 1/2 on the day. Traders were looking forward to a little bit of a bounce back seeing it was down 22 percent in 2013. China's crop seems to have gotten off to a very good start, according to them. Temperatures in the north are a very, very cold but the worse is over putting a downward pressure on wheat."

Chicago March Wheat ended Thursday down 8 and 1/4 cents at 5-97. March corn ended the day down 1 and 1/2 cents at 4-20 and 1/2.??Portland prices for soft white white were down 8 and 1/4 cents at mostly 6-89. White club wheat prices had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 9 and 1/4 cents at mostly 7-44 and 1/4. DNS wheat with 14 percent protein prices were down a dime at mostly 7-87 and 1/4.

?February live cattle were up a dollar even Thursday at 135-62 and half. March Feeder cattle were down 40 cents at 167 even. February class III milk was up 45 cents at 19-12.