Wheat Market Up Sharply

Wheat Market Up Sharply

I'm KayDee Gilkey with the Market Line Report for June 19, 2012.

July wheat traded higher Monday on spillover support from the corn market. Short-covering from fund traders was noted as strength in the other grains and "less" macroeconomic fears has helped support the buying. Support in wheat could resurface if international production and weather issues do not subside soon. From the floor of the CME Group, Jerrod Kitt shares his observations of Monday’s markets.

Kitt: “Wheat continues to be the tag-along market. We’re up 20 to 25 cents, just kinda followed corn higher. There are some stories in the Russia and Ukraine wheat areas there are basically facing the same issue that we are. They are getting hot dry temperatures that are starting to impact production potentials further. Again we just had strength across the board today.”

Chicago July Wheat ended Monday up 20 and 3/4 cents at 6-30 and 1/4. July corn ended the day up 20 cents at 5-99 and 1/2.

Portland prices for soft white wheat and club wheat were up 15 to 20 cents at mostly 6-86. Hard Red Winter Wheat with 11.5 pct protein prices were up 21 cents at mostly 7-29. DNS wheat with 14 pct protein prices were up 11 cents at mostly 8-92.
August live cattle ended up $1.33 at 117-98. August Feeder cattle were up a dime at 156-13. July class III milk was up 24 cents at 16-42.

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