Weather Remains Key Factor in The Markets

I'm KayDee Gilkey with the Market Line Report for February 22, 2012.

News of rain over several key US growing areas kept pressure on the wheat market early on Tuesday, and more than offset support from positive outside market forces that happened in the morning. Cold weather in Europe may have provided some limited support for wheat but was unable to change the overall negative tone for the market.

From the floor of the CME, Parker McMahan of LaSalle Street News shares his observations of Tuesday’s market.

McMahan: “Some of the things affecting the market today, cash corn has remained strong in the United States but we’ve seemed to seen some liquidation in the spread markets here overnight and today. Recent rains in Argentina have helped the second corn crop there. But has I reported last week, we still have massive problems with the first corn crop in Argentina. The damage is done.”

March corn was down 12 and 1/4 cents at 6-29 and 1/2. March Wheat ended Tuesday down 11 cents at 6-33.
Portland prices for soft white wheat and club wheat were mostly 6-99. Hard Red Winter Wheat with 11.5 pct protein was at a range of 7-44 to 7-61. DNS wheat with 14 pct protein had no available prices for Tuesday.

April live cattle were up 23 cents at 131-13. March feeder cattle were up 18 cents at 158-60. March class III milk was down 27 cents at 15-41.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.