USDA Reports Bearish for Wheat
I'm KayDee Gilkey with the Market Line Report for January 13, 2014.
Chicago wheat posted its lowest spot close in over three years after USDA reported higher-than-expected wheat supplies as of December 1. From the floor of the CME Group, Frank Lesh shares his observations of Friday's markets.
Lesh: "Friday's grain trade after the USDA Report on Friday morning -- we've got some mixed markets. We've got corn prices up about 19 cents and wheat down about 16 cents down 37 cents for the week. As you can see by these prices, we had a report that was generally bullish for corn market but certainly bearish for wheat right now."
Chicago March Wheat ended Friday down 15 and 1/4 cents at 5-69. March corn ended the day up 20 and 3/4 cents at 4-32 and 3/4.??Portland prices for soft white white were down 10 and 1/4 to 15 and 1/4 cents at mostly 6-69. White club wheat prices were down 10 and 1/4 to 15 and 1/4 cents at mostly 7-02 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 13 cents at mostly 7-45. DNS wheat with 14 percent protein prices mixed down 8 and 3/4 to up 1 and 1/4 cents at mostly 8-35 and 1/2.
?February live cattle were up 15 cents Friday at 136-70. March Feeder cattle were down $1.17 and half at 167-65. February class III milk was up a nickel at 20-21.
