Wheat Falls Off on Thursday

I’m KayDee Gilkey with the Market Line Report for March 14, 2014.

 Wheat market falls due to weather and demand concerns. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.

Shover: “After being higher most of the day yesterday, wheat falls off a little bit closing down about 7 here in Chicago. Word is that the dry weather in the Mid-West — that is hard to believe given the winter we have had — haven’t heard that word in a while. And also demand — right now U.S. exports are solid but the market seems to be worried that we are not going to be very competitive in the world market in the near future.”

Chicago May Wheat ended Thursday down a dime at 6-73 and 3/4. May corn ended the day down 3 and 1/2 cents at 4-85.

Portland prices for soft white wheat were mixed down a dime to up a nickel at mostly 7-46 and 3/4. White club wheat prices were mixed down 20 cents to up a nickel at mostly 7-96 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 11 to 16 cents at mostly 8-68 and 3/4. DNS wheat with 14 percent protein prices were mixed down 10 and 1/4 to up 4 and 3/4 cents at 8-93 and 1/2.

April live cattle were down 25 cents Thursday at 143-62 and half. April Feeder cattle were up a nickel at 175-92 and half. April class III milk was up 35 cents at 21-81.