Wheat Dips Down

Wheat ended in the red and finished the market day on a negative tone. From the floor of the CME Group Larry Shover shares his observations of Thursday's markets.

Shover: "A milestone for trading here at the CME Group in Chicago. We have oats hitting an all time high not only that but the first time in 12 years that oats trades higher than corn. Wheat different story — wheat finished in the red falling down about 9 cents following yesterday's blockbuster trade. Much higher concern with hard red winter wheat lack of rain in the southern plains followed by freeze and freeze damage every where else."

Chicago March Wheat ended Thursday down 6 and 3/4 cents at 5-80 and 3/4. March corn ended the day down 1/4 of a cent at 4-43.

Portland prices for soft white white were down 6 and 3/4 cents at mostly 7-06 and 1/4. White club wheat prices were down 6 and 3/4 to 7 cents at mostly 7-59 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 2 and 1/4 to 4 and 1/4 cents at mostly 8-02. DNS wheat with 14 percent protein prices were down 3 and 1/2 cents at 8-30.

February live cattle were down 15 cents Thursday at 139-55. March Feeder cattle were up 7 and 1/2 cents at 167. March class III milk was up 22 cents at 21-05.