Wheat Market Down Slightly

On Monday Chicago wheat failed to hold early gains and finished lower. From the floor of the CME Group,Virginia McGathey shares her observations of Monday's markets.

McGathey: "Wheat opened up about 4 or 5 cents -- really rallied up almost 7 cents on the day. Looking at what is happening here in Chicago and in the Mid-west -- we've got this brutal cold weather that's got traders worried that perhaps there could be some damage to the winter wheat crop if the extended cold weather continues. I think that we could get some real damage to the winter wheat. That has buoyed the market a little bit. By the end of the day we closed two or three cents lower and there has been some real lackluster trade."

Chicago March Wheat ended Monday down 1 and 3/4 cents at 5-63 and 1/2. March corn ended the day up 2 and 1/4 cents at 4-31 and 3/4.??Portland prices for soft white white were down 1 and 3/4 to 6 and 3/4 cents at mostly 6-73 and 1/2. White club wheat prices were down 1 and 3/4 to 6 and 3/4 cents at mostly 7-06 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 4 and 3/4 to 24 and 3/4 cents at mostly 7-72 and 1/2. DNS wheat with 14 percent protein had no price comparisons but were at mostly 8-26 and 1/2.

?February live cattle were down 25 cents Monday at 143-15. March Feeder cattle were down 7 and half cents at 168-80. February class III milk was up 33 cents at 22-78.