Wheat Markets Up a Little

Wheat Markets Up a Little

I'm KayDee Gilkey with the Market Line Report for May 4, 2012.

On Thursday, Chicago and Kansas City wheat futures benefited from short-covering following Wednesday's late-session decline, with much of the support coming from concerns hot and dry weather this weekend will stress the hard red winter wheat crop. 
From the floor of the CME, Alan Knuckman with OneStopOption shares his observations of Thursday’s markets.

Knuckman: “Looking at wheat July wheat was up a penny to 6-15. It’s been down 40 cents here in the last several weeks 6-09 lows -- We’ll look to see if we make a push higher to get above $7. The cattle market did close very strong today. We were limit up both feeder cattle and live cattle. Up three points on the day 115-87 was the close on live cattle. So we made some lows here at 112 level at Monday and Wednesday and bounced higher.”

Chicago July Wheat ended Thursday up a penny at 6-15 and 1/2. July corn was up 3 cents at 6-14 and 1/2.

Portland prices for soft white wheat and club wheat were down 14 to 20 cents at mostly 6-89. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 cents at mostly 7-34. DNS wheat with 14 pct protein prices were down a nickel at mostly 8-89.

June live cattle ended up $3 even at 115-88. August Feeder cattle were also up $3 even at 157-23. June class III milk was down 47 cents at 14-12.

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