Strong Dollar and Lower Wheat and Corn Friday

I’m KayDee Gilkey with the Market Line Report for January 5, 2015.

 

Grains all traded lower to start the New Year as the the dollar continued its broad rally on Friday. From the floor of the CME Group, Alexandra Lively shares her observations of Friday’s markets.

 

Lively: “Spot corn lost over 5 percent and wheat lost over 2 and half percent on the year. Managed money is still long soybeans and corn which traders tell me leaves more room for long liquidation especially for corn with the significant net long held. Grain markets were pressured this morning as traders expected follow-through selling today after the weak close on Wednesday with a three week low closes in March corn and wheat. The U.S. dollar index hit a fresh 9-year high this morning after gaining 12 percent in 2014.”

 

Chicago March Wheat ended Friday down 8 and 1/2 cents at 5-81 and 1/4. March corn ended the day down 1 and 1/4 cents at 3-95 and 3/4.

Portland prices for soft white wheat of ordinary protein were down 7 and 3/4 to 8 and 1/2 cents at mostly 6-63 and 1/4. White club white of ordinary protein prices were down 7 and 3/4 to 8 and 1/2 cents at mostly 9-31 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 9 and 1/2 to 14 and 1/2 cents at mostly 7-05. DNS wheat with 14 percent protein prices were down 11 cents at mostly 8-56.

 

February live cattle were up $2.12 and half on Friday at 165-67 and half. March Feeder cattle were up $4.12 and half at 221-45. February class III milk was was down 20 cents at 15-49.