Weather and Ukraine Issues Spells New Highs in Wheat

I’m KayDee Gilkey with the Market Line Report for May 6, 2014.

 

Wheat market gains on weather and Ukraine issues. From the floor of the CME Group, Chris Robinson shares his observations of Monday’s markets.

Robinson: “They were led higher by the Kansas City and Chicago wheat. Chicago went up and almost took out a old gap going back to June 26th — that is a 11-month high for Chicago. Kansas City July moved up all the way to a 16-month high. Why are we moving like that? Well, continued concerns about the 13-year low yield — after the Wheat Tour went through. We’ve got that energy under the wheat market and you’ve got more issues in the Ukraine.”

Chicago July Wheat ended Monday up 13 cents at 7-29. July corn ended the day up 8 and 1/2 cents at 5-08.

Portland prices for soft white wheat were mixed down a dime to up 8 cents at mostly 7-96. White club wheat prices were down 11 to 22 cents at mostly 8-41. Hard Red Winter wheat with 11.5 percent protein prices were up 5 and 1/4 cents at mostly 9-33. DNS wheat with 14 percent protein prices were up 4 and 1/4 to 9 and 1/4 cents at mostly 9-21 and 1/4.

 

June live cattle were down 52 and half cents on Monday at 137.52 and half. August Feeder cattle were down 52 and half cents at 189-80. June class III milk was down 12 cents at 21-33.