Could Wheat See A Bounce?

This is Matt Rice with today’s Market Line Report for Wednesday. An oversold Wheat market could see a change of pace as bullish factors start to line up. Let’s go to Terry Roggensack with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for March closed the day dn 1 ¾, to finish at 7-87. March Corn was up 5 ¼, to close at 5-85. Kansas City Hard Red Winter Wheat prices for March were dn ¾, to settle at 8-11 ¾.

Portland prices for Club Wheat with 10 ½ % Protein were dn 30 - 25, ranging from 10-50 to 13-75. Soft white wheat with 10 ½ % Protein prices for Feb. were dn 30 - 25, ranging from 10-50 to 11-25. Hard Red Winter Wheat with 11 ½ percent Protein prices for Jan. were dn ¾, ranging from 9-76 ¾ to 10-06 ¾. DNS wheat with 14 % protein, prices for Feb. were up 2 ¾, ranging from 11-21 to 11-41.

Live Cattle for Feb. were dn $.55, closing at 138.30. March Feeder cattle were dn $.07 ½, to finish the day at 166.40. Jan. Class III milk was dn $.08 to settle at 19.98.