Bullish Report Positive for Wheat Market

Bullish Report Positive For Wheat Market
I’m KayDee Gilkey with the Market Line Report for Oct. 1, 2012. ?

December Chicago wheat exploded higher midday on Friday and the strength carried on throughout the day after a bullish Quarterly Stocks report and due to a limit higher corn market. From the floor of the CME Group, Gary Kozlowski shares his observations of Friday’s markets.

Kozlowski: “The wheat market also has been following on the coat tails of corn. When corn pulled down all this week and a half, we saw wheat pull down with it. There is still the outlying story of whether or not Russia is going to be able to export this year. With that in mind, I think we are seeing the wheat market is going to continue to rise up. Right now at the close it is above $9. I see it above the $9.50 range probably in the not so distant future. We are looking for that $9.50.”

Chicago December Wheat ended Friday up 47 cents at 9-02 and 1/2. December corn ended the day up 40 cents at 7-56 and 1/4.

Portland prices for soft white wheat and club wheat were up 25 to 32 and 1/2 cents at mostly 8-86 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 54 and 1/4 cents to 64 and /14 cents at mostly 9-85 and 1/2. DNS wheat with 14 pct protein prices were up 44 and 1/4 cents at mostly 10-08 and 1/2.

October live cattle were down Friday 38 cents at 122-08. October Feeder cattle were down $2.43 at 143-80. October class III milk was up 8 cents at 20-86.

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