Wheat Rallies on Monday

I’m KayDee Gilkey with the Market Line Report for April 15, 2014.

Monday saw the wheat futures rally across the board with more tension in Ukraine and continued weather woes from U.S. Southern Plains. From the floor of the CME Group, Greg Wagner shares his observations of Monday’s markets.

Wagner: “Pretty dynamic trade here today Monday at the CME Group with the grain markets. Led by wheat the situation in wheat right now - a couple of factors occurring — you have a lower crop conditions rating with only 35 percent winter wheat crop is rated good to excellent. You also have cold temperatures coming into the Southern Plains which looks like we may get down into the mid-20s that could have a negative impact on the wheat that is further along in the maturity that is in the jointing stage.”

Chicago May Wheat ended Monday up 18 and 1/2 cents at 6-78 and 3/4. May corn ended the day up 4 and 1/2 cents at 5-03.

Portland prices for soft white wheat were up 10 and 3/4 to 18 and 1/2 cents at mostly 7-60 and 1/2. White club wheat prices were up 10 and 3/4 to 18 and 1/2 cents at mostly 8-10 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 17 and 1/2 cents at mostly 8-62. DNS wheat with 14 percent protein prices were up 10 and 1/2 to 15 and 1/2 cents at mostly 8-68 and 1/4.

 

June live cattle were up 12 and half cents on Monday at 135-90. May Feeder cattle were up 35 cents at 180-42 and half. May class III milk was up 53 cents at 22-03.