Corrective Pullback for Wheat Futures

Corrective Pullback For Wheat Futures

I'm KayDee Gilkey with the Market Line Report for March 28, 2012.?
The market followed the other grains higher early in the session Tuesday but talk of the improving crop conditions in the US and ideas that the market may be a bit overbought ahead of the key USDA reports for Friday helped to pressure the market to trade slightly lower on the day into the mid-session.

From the floor of the CME, George Kopp with International Futures Group shares his observation’s of Tuesday’s markets.

Kopp: “Wheat was following the European market this week. We’ve obviously had some profit-taking today as I was telling people about the wheat and corn spread that was attractive last week is now become less attractive this moment in time.”

Chicago May Wheat ended Tuesday down 19 and 3/4 cents at 6-39 and 3/4. July new crop was down 17 and 1/2 cents at 6-52 and 3/4. May corn was down 7 cents at 6-30 and 3/4.

Portland prices for soft white wheat and club wheat were unchanged to down a nickel at mostly 7-08. Hard Red Winter Wheat with 11.5 pct protein was down 20 cents at mostly 7-72. DNS wheat with 14 pct protein was down 16 cents at mostly 9-49.

April live cattle were up $1.05 at 125-60. April Feeder cattle were up $1.48 at 154-03. April class III milk was down 21 cents at 15-40.

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