Weather Pressures Wheat Market

(AgInfo Network) – Weather patterns point negative in the short term with another storm system set to develop in Texas by mid-week. Rainfall will push into Oklahoma and then moved into the eastern Corn Belt helping improve soil moisture conditions. From the floor of the CME Group, Gary Kozlowski shares his observations of Tuesday’s markets.

Kozlowski: “Now let’s go to the wheat. China’s extreme cold weather that we’ve seen in the last couple of weeks is really starting to put a damper into their crop and their winter harvest. So we are going to see how that all feeds into this. Especially seen since we are having some difficulties with our winter crop. The grounds are so dry, it’s in the dormant stage right now. We’ll see what they come up with that on the USDA numbers on Friday.”

Chicago March Wheat ended Tuesday down 3/4 of a cent at 7-50 and 1/2. March corn ended the day up 3 and 1/4 cents at 6-88 and 3/4.

Portland prices for soft white wheat and club wheat were steady to up 4 and 3/4 cents at mostly 8-39 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/4 to 6 and 1/4 cents at mostly 9-02 and 3/4. DNS wheat with 14 pct protein prices were down 1 and 1/4 cents at mostly 9-35 and 1/4.

February live cattle were down Tuesday 45 cents at 132-55. March Feeder cattle were down $1.10 at 155 even. February class III milk was down 21 cents at 17-83.