Grains Under Pressure

This is Matt Rice with the Market Line Report for March 18th. Grains were under pressure yesterday as markets came to a close, Oliver Sloup explains how March Madness could be playing a factor. Sloup explains more from the floor of the CME in Chicago.

Sloup "One thing to note, I think there is going to be a quieter trade here throughout the rest of today's session and into tomorrow to round out the week. I know it sounds silly, but March Madness does consume a lot of traders and their minds are kind of somewhere else, so be weary of that. As far as the soy bean market goes, same thing, trading well off the highs. Failed against a 200 day moving average, that came in about 9.04 ¾."

Chicago May Wheat ended the day dn 8 ¼, at 462 ¼. May corn ended the day up ¼, at 367 ¾. Portland prices for soft white wheat of 10 ½ % protein for March were dn 5 ½- 2 ¾, ranging from 5-32 ½ to 5-38. Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 13, ranging from 5-40 ¾ to 5-50 ¾. DNS wheat with 14 % protein, prices for March were dn 15 ¾- 10 ¾, ranging from 5-99 ¾ to 6-09 ¾. April Live Cattle closed yesterday dn 40 cents, at 141.15. March Feeder cattle were dn 72 ½ cents, at 163.50. March class III milk was up 2 cents, at 13-82.