Grains Under Pressure

I'm Matt Rice with the Market Line Report for Feb 2nd. Grains under the gun today, with wheat reaping the benefits. Overall, it has been a pretty slow day in the markets, not a lot of big changes over the day. Here's Jack Scoville as his explains the grain market from the floor of the CME.

Scoville- "Hi, grain markets a bit under pressure most of the day. With the selling really led by the wheat market, wheat had some news this morning. The Egyptians rejected a cargo of French wheat for problems, and that sent the European futures markets to some new contract lows. It really seems to spilled over, especially to the price actions here in Chicago and to a lesser extent over in Kansas City. Plus for the Hard Winter wheat in Kansas City, it looks like the Russians will make no changes to their export program."

Chicago March Wheat ended the day dn 4, at 476. March corn ended yesterday dn 3/4, at 371 ½. Portland prices for soft white wheat of ordinary protein for Feb were dn 7, ranging from 5-23 to 5-40 ¼. Hard Red Winter wheat with 11 ½ % protein, prices for Feb were mixed, dn 5 ¼ & up 4 ¾, ranging from 5-61 ¾ to 5-66 ¾. DNS wheat with 14 % protein, prices for Feb were dn 5-10, ranging from 6-00 to 6-25. Feb Live cattle closed the day up 47 ½ cents, at 135.77 1/2. March Feeder cattle were up 85 cents on the day, at 158.10. Feb class III milk was dn 2 cents, at 13-87.