Corn and Wheat Down on Monday

I’m KayDee Gilkey with the Market Line Report for March 18, 2014.

Both wheat and corn down on the day Monday. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “Start off by talking about situation in the Ukraine. Crimea had their referendum vote over the weekend essentially indicating they’d like to rejoin Russia. An overwhelming majority went with that vote — about 96 percent. That is exactly what the trade expected. Now there has been a lot of concern for the corn market and also the wheat market their exports out of Ukraine and also Russia may be disrupted because of this political turmoil over there. We still don’t know exactly how that is going to shape up, but it feels like the trades’s fears have been calmed a little bit this week.”

Chicago May Wheat ended Monday down 12 and 3/4 cents at 6-74 and 1/2. May corn ended the day down 7 cents at 4-79.

Portland prices for soft white wheat were steady down 12 and 3/4 cents at mostly 7-47 and 1/4. White club wheat prices were steady to down 12 and 34 cents at mostly 7-97 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 8 to 13 cents at mostly 8-76 and 1/2. DNS wheat with 14 percent protein prices were down 9 and 3/4 cents at 8-97 and 1/4.

April live cattle were down 22 and half cents Monday at 145-02 and half. April Feeder cattle were up 75 cents at 177-97 and half. April class III milk was up 75 cents at 23-12.