Wheat Market Has Double Digit Gains

Wheat Market Has Double Digit Gains

I’m KayDee Gilkey with the Market Line Report for Sept. 20, 2012. ?

The supportive trade for wheat was linked to short covering following the steep decline in prices since Monday and the lower US Dollar. From the floor of the CME Group, Larry Shover gives his observations of Wednesday’s markets.

Shover: “Today with wheat all three exchanges showing double digit gains. Two other things people are talking about is Russia; the agricultural finance minister came out last night downgrading the export potential by 1 million metric tonnes of wheat. That definitely played on the upside potential. Also there is continued sustained dryness -- in parts of the midwest along with Australia that also seems to be playing a part wheat being up on the day. No one seems to know what is going to happen from here on out -- if it is in sympathy with the other grains or a stand alone.”

Chicago December Wheat ended Wednesday up 18 cents at 8-81 and 1/2. December corn ended the day up 16 and 1/2 cents at 7-56 and 1/2.

Portland prices for soft white wheat and club wheat were up 11 and half cents at mostly 8-70 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 21 cents at mostly 9-50. DNS wheat with 14 pct protein prices were up 17 and 1/2 cents at 9-92.

October live cattle were down Wednesday a nickel at 126-35. October Feeder cattle were down 38 cents at 147 even. October class III milk was up 33 cents at 20-30.

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