Wheat Market Had Gains

Wheat Market Had Slight Gain

I'm KayDee Gilkey with the Market Line Report for June 28, 2012.

Intensifying weather concern caused a rally in grain markets, sending corn futures up over 20 percent since mid-June, and analysts say the market may have further upside if dryness continues. From the floor of the CME Group, Jerrod Kitt shares his observations of Wednesday’s markets.

Kitt: “Now we do have a USDA Report on the horizon and that is really what you saw today. We ran up the markets into key technical points of resistance then we sold back off as Traders took profits after these very impressive runs here. Wheat is kind of the following market at the moment but it does have a little news out. There were Stats Canada estimates at the acreage situation there is going to be pretty strong. Maybe a little less than what people expected but still a lot better than last year’s flood impacted crop.”

Chicago September Wheat ended Wednesday up 4 and 1/4 cents at 7-51 and 1/4. September corn ended the day up 8 cents at 6-27 and 1/2.

Portland prices for soft white wheat and club wheat were up a nickel at mostly 7-53. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 to 3 cents at mostly 8-07. DNS wheat with 14 pct protein prices ranged from down 7 to 8 cents at mostly 9-43.

August live cattle ended up $1.78 at 117-25. August Feeder cattle were up $1.15 at 148-85. August class III milk was down 3 cents at 17-48.

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