Reversal in Wheat Prices on Thursday

I’m KayDee Gilkey with the Market Line Report for March 21, 2014.

 

Corn continued its sideways trading and hasn’t found much direction.  Wheat gave back a portion of Wednesday’s gains but dry weather remains a concern. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.

 

Shover: “Wheat had a big reversal today. With about a half of an hour to go in trading we saw wheat down about 12 in Chicago. Weather seems to be something no one was worrying about today but sure where worried about yesterday with the Central Plain states being very dry especially in Texas. Export demand is solid. Well in Thursday’s livestock trade, everybody is saying is there too much bullishness causing a sea of red in both cattle and hogs.”

 

Chicago May Wheat ended Thursday down 12 cents at 7-03 and 3/4. May corn ended the day down 9 and 1/4 cents at 4-78 and 1/2.

 

Portland prices for soft white wheat were mixed down 12 cents to up a nickel at mostly 7-67. White club wheat prices were mixed down 12 cents to up a nickel at mostly 8-17. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 1/4 cents at mostly 9-12. DNS wheat with 14 percent protein prices were down 5 and 3/4 cents at 9-28 and 1/4.

 

April live cattle were down $1.70 Thursday at 144-42 and half. April Feeder cattle were down $2 even at 174-65. April class III milk was down 4 cents at 23-05.