Major Turn Around in the Wheat Market

Major Turn Around in the Wheat Market

Major Turn Around in the Wheat Market

I'm Lacy Gray. This is Market Line.

Thursday was a very busy day for grains. While wheat started off the day basically unchanged Larry Shover, CIO of SFG Alternatives, says wheat and other grain prices jumped towards closing.

SHOVER: Up 2 1/2 percent on news that an airliner was shot down on the Ukraine/Russian border. Just significant news that lifted all the grain markets. U.S. exports from last Thursday were a little bit on the low side 320,700. Futures at the CME are holding above the multi-year uptrend line that started in 2005. Corn rallied in suit with everything else - clearly not enough - up about 5 cents on the day. Definitely gave a boost to corn.

Now checking some closing prices from yesterday:

Chicago September Wheat ended Thursday up 12 3/4 at 5.50 3/4.

September corn ended the day up 1 1/4 at 3.79 1/2.

Portland prices for soft white wheat were up 12.75 to unchanged at mostly 6.84 1/4

White club wheat prices were up 12.75 to 5.75 at mostly 7.341/4

Hard Red Winter wheat with 11.5 percent protein prices were up 11.75 to 21.75 at mostly 7.48.

Dark Northern Spring wheat with 14 percent protein prices were up 9.00 at mostly 8.14.

August live cattle were up 2.97 1/2 at 150.65

August Feeder cattle were up 1.77 1/2 at 211.60

August class III milk was up 0.15 at 21.42.

I'm Lacy Gray and you've been listening to Market Line on the Ag Information Network

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