Wheat Slightly Lower on Tuesday

I’m KayDee Gilkey with the Market Line Report for April 2, 2014.

 

Markets were mixed on Tuesday. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.

 

Vaclavik: “Grain markets were mixed here on Tuesday in Chicago. We had the corn market higher, the soybeans were sharply higher and wheat were slightly lower. We’ll start off with the corn and begin with discussing Monday’s USDA Planting Intentions and Quarterly Stocks Report. USDA pegged spring corn plantings at 91.7 million acres — that was about 1.2 or 1.3 million below the average trade guess so the acreage came in on the lighter side. This, of course, was based on a survey of farmers that took place in the month of March.”

 

Chicago May Wheat ended Tuesday down 12 cents at 6-85 and 1/4. May corn ended the day up 5 and 1/2 cents at 5-07 and 1/2.

 

Portland prices for soft white wheat were down 12 to 19 cents at mostly 7-71 and 1/2. White club wheat prices were down 12 to 19 cents at mostly 8-24 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 10 and 1/2 cents at mostly 8-80 and 1/2. DNS wheat with 14 percent protein prices were down 2 and 1/2 to 12 and 1/2 cents at mostly 9-11 and 1/4.

 

June live cattle were down $1.02 and half on Tuesday at 136-47 and half. May Feeder cattle were down $1.07 and half at 176-77 and half. May class III milk was up 55 cents at 22-26.