South American Weather Helps to Push Grain Markets Higher

South American Weather Helps to Push Grain Markets Higher

I'm KayDee Gilkey with the Market Line Report for January 4, 2012.

The mostly hot and dry forecast for South America over the next few weeks plus bullish outside market forces helped to support the sharp rally early in the session Tuesday.

Charles Nedoss, Senior Market Strategist for Olympus Futures shares what’s ahead with South American weather and other indicators to be watching this week.

Nedoss: “Looking forward to in terms of the weather this week, it does look to remain hot and dry there throughout mid-week. So the mid-week weather maps are really going to take the next direction. Also watch any developments in the dollar. The dollar traded at its lowest level in about seven sessions here. That also lended some support to the grain sector. Again watch the weather maps and the developments in the dollar here.”

March Wheat finished up 12 cents at 6-58 1/2. March corn was up 4 1/4 at 6-57.

Portland price for soft white wheat and club wheat were both up 5 to 10 cents to mostly 6-21. Hard Red Winter Wheat with 11.5 pct protein was down 4 at mostly 7-66. DNS wheat with 14 pct protein was down 6 at mostly 9-82.

February live cattle were up slightly 10 cents at 121-55. March Feeder cattle were up 82 cent at 149-62.

Class III Milk for January was down 9 cents at 17-17.

I'm KayDee Gilkey and that's Market Line on Northwest Aginfo Net. Now this.