Wheat Markets Follow Corn Up

Wheat Markets Follow Corn Up

I'm KayDee Gilkey with the Market Line Report for May 1, 2012.

The weekend cold weather was not as cold as feared and a lack of weather issues ahead helped to pressure the market early in the session Monday. A firm US dollar, weakness in soybeans and other commodity markets and talk that the rally on Friday was overdone helped to pressure the market.

From the floor of the CME, Chris Robinson with Top Third Ag shares his observations of Monday’s markets.

Robinson: “Wheat is going to continue to follow corn but we’ve had decreased worries about a freeze. The guys I talked to in Oklahoma and other parts of the country -- their wheat looks really good in general so that is becoming less and less of an issue. You are going to see wheat follow corn however, that is what you saw here today. July wheat up 4 cents at 6-54 and 1/2.”

Chicago July Wheat ended Monday up 4 and 1/2 cents at 6-54 and 1/2. July corn was up 8 and 3/4 cents at 6-34 and 1/4.

Portland prices for soft white wheat and club wheat were down a nickel to up a nickel at mostly 7-15. Hard Red Winter Wheat with 11.5 pct protein had no recent price comparison but was at mostly 7-63. DNS wheat with 14 pct protein had no recent price comparison but was at mostly 9-27.

June live cattle ended up $1.30 at 114-15. August Feeder cattle were up $1.65 at 153-73. June class III milk was up 7 cents at 14-27.

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