Strong Portland Wheat Prices

More of the same weakness was found in commodity markets Thursday as in the previous day. From the floor of the CME Group, Larry Shover shares his observations of Thursday's markets.

Shover: "Can anything keep up corn right now? Down 5 about $4-12 on the day.All the news that comes out is bearish on corn right now. With wheat down about 4 on the day to $5.84 closing at about the middle end of its range 5.78 to about 5.91 on the day. Again global supplies seem to be very ample right now for wheat. Frost damage rumors have dwindled considerably even in the last 24 hours. There seems to be just a lot of pessimism with regards to the export market in the United States."

Chicago March Wheat ended Thursday down 4 and 1/2 cents at 5-84 and 1/4. March corn ended the day down a nickel at 4-12.??Portland prices for soft white white were up a 1/2 of a cent to 10 and 1/2 cents at mostly 6-82 and 1/2. White club wheat prices were up a 1/2 of a cent to 10 and 1/2 cents at mostly 7-16. Hard Red Winter wheat with 11.5 percent protein prices were up 2 cents at mostly 7-58. DNS wheat with 14 percent protein prices up 37 and 1/4 to 42 and 1/4 cents at mostly 8-39 and 1/4.

?February live cattle were up 2 and half cents Thursday at 136-55. March Feeder cattle were up 27 and half cents at 168-82 and half. February class III milk was down 29 cents at 20-16.