Wheat Market Closed Moderately Higher

Wheat Market Closed Moderately Higher

I'm KayDee Gilkey with the Market Line Report for June 15, 2012.

July wheat closed moderately higher on the session but down off of the early highs. Firm export demand and continued talk of tightening world supply for the coming season compared with the past few years helped to support. From the floor of the CME Group, Joe Vaclavik shares his observations of Thursday’s markets.

Vaclavik: “Grain markets mostly mixed today, We had corn and wheat higher and soybeans lower. We are smack dab in the middle of a weather market here in Chicago. Moving forward, I think these Sunday night trades are going to be a lot more volitatle, lot more action as we move further in towards July. Now July is really the month when the corn crop is made as far as the weather and the actual crop is concerned. Traders will be paying very close attention to rain amounts and the intensity of heat.”

Chicago July Wheat ended Thursday up 7 and 1/2 cents at 6-23 and 1/2. July corn ended the day up 9 cents at 6-01 and 1/2.

Portland prices for soft white wheat and club wheat were up a nickel at mostly 6-71. Hard Red Winter Wheat with 11.5 pct protein prices were up a nickel at mostly 7-24. DNS wheat with 14 pct protein prices were up 10 cents at mostly 8-95.
Live cattle futures rose into positive territory at times today, but gains were not sustainable and the market sold off into the close.
August live cattle ended down 95 cents at 117.03. August Feeder cattle were down $2.00 at 157-50. July class III milk was down 38 cents at 16-18.
I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.