Gains in Wheat Market

I'm KayDee Gilkey with the Market Line Report for May 16, 2012.

From the floor of the CME, Scott Shallady with Bradford Capital Management shares his observations of the outside forces affecting the commodity markets.

Shallady: “Here we sit after this risk-off situation that we’ve got going on with the European Union. It will definitely affect us, it will continue to affect us. I think you can stick a fork in Europe-I think it is over. I don’t care how many different packages they’ve got. I think what it really key here is that you can’t have prosperity in the midst of austerity. It just doesn’t happen. We can’t talk about growth when we’re taking austeriare measures. So as long as they are trying to use those two words together -- and our politicians in the states will try to use it as well. It’s just not going to work, can’t happen. You can’t cut your self to profitability at some point in time you’re going to have to have true, true growth and austerity keeps pushing that off into the future.”

Chicago July Wheat ended Tuesday up 10 and 1/4 cent at 6-08 and 1/2. July corn was up 14 and 1/4 cents at 5-97 and 1/4.

Portland prices for soft white wheat and club wheat were unchanged to up a dime at mostly 6-71. Hard Red Winter Wheat with 11.5 pct protein prices were up 13 cents at mostly 7-28. DNS wheat with 14 pct protein prices were up 30 to 35 cents at mostly 9 even.

June live cattle ended up 28 cents at 116-43. August Feeder cattle were down up 48 cents 157-68. June class III milk was up 17 cents at 14-87.

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