Outside Markets Give Support to Grain Markets

I’m KayDee Gilkey with the Market Line Report for March 19, 2015.
Outside markets landed support for grains on Wednesday with the day ending higher across the board. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain market a little bit higher here based on the assumption of what the Fed may or not do. Of course what is going on with the dollar. I think we’ve seen a similar pattern that we’ve been talking about for quite a while — the grains seem to have reached a bottom. Again we’ve seen slightly lower process — soybeans made a contract low. But basically not deep, not drastic sell-offs. That is an important message to take here. They’ve been totally under siege based on economic data. We know that there is tremendous amount of supply. We know there is not enough demand.”
Chicago May Wheat ended Wednesday up 7 and 1/4 cents at 5-10 and 3/4. May corn ended the day up 3 and 3/4 cents at 3-74 and 3/4.
Portland prices for soft white wheat of ordinary protein were steady to up 7 and 1/4 cents at mostly 6-38. White club wheat of ordinary protein prices were up 21 and 1/2 to 25 and 3/4 cents at mostly 8-78. Hard Red Winter wheat with 11.5 percent protein prices were up 10 and 1/4 cents at mostly 6-66. DNS wheat with 14 percent protein prices were up 8 and 1/4 cents at mostly 8-87.
April live cattle were up $3-even on Wednesday at 156-57 and half. April Feeder cattle were up $4.27 and half at 214-30. April class III milk was up 17 cents at 15-55.