Double Digit Gain For Wheat on Tuesday

I’m KayDee Gilkey with the Market Line Report for March 19, 2014.

 

Further decline of winter wheat conditions in Texas, Oklahoma and Kansas caused a bounce higher for wheat market on Tuesday. From the floor of the CME Group, Greg Wagner shares his observations of Tuesday’s markets.

 

Wagner: “Trade for Tuesday here at the CME Group was absolutely dynamic. Wheat market fundamentals driving that with crop ratings driving that with crop ratings down in the Southwest — large swathes of Kansas, Oklahoma and the Texas panhandle crop conditions are dry. the condition ratings are dropping and they are likely to drop next week. Also Egypt picked up some U.S. wheat on tender which was also a positive dynamic.”

 

Chicago May Wheat ended Tuesday up 18 cents at 6-92 and 1/2. May corn ended the day up 7 and 1/4 cents at 4-86 and 1/4.

 

Portland prices for soft white wheat were up 10 to 18 cents at mostly 7-61 and 1/4. White club wheat prices were up 10 to 18 cents at mostly 8-11 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 19 and 3/4 cents at mostly 8-96 and 1/4. DNS wheat with 14 percent protein prices were up 17 and 1/4 cents at 9-14 and 1/2.

 

April live cattle were up 67 and half cents Tuesday at 145-70. April Feeder cattle were down $1.07 and half at 176-90. April class III milk was down a dime at 23-02.