March Wheat Futures Unchanged for Monday

March Chicago wheat prices traded higher early with concerns about the impact of sub-zero temperatures on the U.S. winter wheat crop, but gains were erased by the close with doubts about any significant damage occurring. From the floor of the CME Group, Scott Shellady shares his observations of Monday's markets.

Shellady: "How can we talk about Chicago without talking about the weather. The main driver today -- didn't surprise anybody because its been in the forecast for a week now. But here we sit with wheat unchanged and that was really the big story as it was suppose to get the damage. Corn up four and a bit but all really supported by weather stories out there -- no one was going to get in the way and sell these things. Wheat rallied really significantly but then settled back down to unchanged at the end of the day really took the wind out of everybody's sails."

Chicago March Wheat ended Monday unchanged at 6-05 and 3/4. March corn ended the day up 4 and 1/4 cents at 4-27 and 3/4.??Portland prices for soft white white were mixed down a nickel to unchanged at mostly 6-95 and 3/4. White club wheat prices were mixed down a nickel to unchanged at mostly 7-12 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 1 and 1/2 cents at mostly 7-62. DNS wheat with 14 percent protein prices were unchanged at mostly 8-01 and 1/2.

?February live cattle were up 52 and half cents Monday at 136-82 and half. March Feeder cattle were unchanged at 168-10. February class III milk was up 15 cents at 19-83.