Wheat Moves to Over $7 Mark on Wednesday

I’m KayDee Gilkey with the Market Line Report for March 20, 2014.

 

Wheat closed with sharp gains on Wednesday and corn had slight gains. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.

 

Horwitz: “Wednesday’s grain trade the grains are really flying. We’re back in the old bull market. I think what they are telling us is that there is a little more fear in Russia, Crimea and Ukraine — I think there might be some issues as wheat has exploded over the $7 level and continues to trade there even into the deferred contract of December. I think this front month rally across the board in corn, soybeans and wheat really depends on what is going on in Ukraine.”

 

Chicago May Wheat ended Wednesday up 23 and 1/4 cents at 7-15 and 3/4. May corn ended the day up 1 and 1/2 cents at 4-87 and 3/4.

 

Portland prices for soft white wheat were steady to up 18 and 1/4 cents at mostly 7-70 and 1/2. White club wheat prices were steady to up 18 and 1/4 cents at mostly 8-20 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 20 to 25 cents at mostly 9-18 and 1/4. DNS wheat with 14 percent protein prices were up 19 and 1/2 cents at 9-34.

 

April live cattle were up 42 and half cents Tuesday at 146-12 and half. April Feeder cattle were down 25 cents at 176-65. April class III milk was up 7 cents at 23-09.