Supply Up & Demand Down In Grains

This is Matt Rice with the Market Line Report for March 1st. We are looking at higher supply than normal in the grains, which isn't helping the demand in the market, causing prices to continue to drop. Virginia McGathy explains her thoughts from the floor of the CME, in Chicago.

McGathey "Monday in the grain markets, has got everything off again. Corn's been down 5 days in a row, the USDA reports the forecast supply is up and demand is down the market has nowhere to go, but lower. It makes it very difficult for any buyers to come into the market. With the prices this low, it's still very difficult to have this sell off but the market is down a little bit so we see beans down 2, corn down 2 or 3, wheat is also down. We're really in our low, that we've been in the last couple years and it looks like it may continue. Our only hope is if we have a weather scare at some point."

Chicago March Wheat ended the day up 1 ¾, at 444 ¾. March corn ended the day dn 1, at 353 ¾. Portland prices for soft white wheat of 10 ½ % protein for March were up 1 ¾, ranging from 5-40 to 5-92. Hard Red Winter wheat with 11 ½ % protein, prices for March were up 2 ½, ranging from 5-30 to 5-40. DNS wheat with 14 % protein, prices for Feb were up 2 ¾, ranging from 6-02 to 6-07. April Live Cattle closed the day dn 2 ½ cents, at 136.90. March Feeder cattle were dn 50 cents, at 158.17 ½. March class III milk was up 10 cents, at 13-76.