Grains Had Solid Gains

Grains Had Solid Gains

I'm KayDee Gilkey with the Market Line Report for January 20, 2012.

Grains recovered on Thursday with solid gains as buying interest returned to
the market along with good export demand picking up.  Wheat futures were bolstered by spillover support from the corn market and positive outside markets.

Greg Wagner of GWX Ag Advisors gave this update of Thursday’s market results:
Wagner: “We had a positive day here. A couple of drivers -- as far as what is influencing them -- number one a steep selloff and the aftermath of the reports last week. Number two a commitment from the International Monetary Fund to be able to provide some additional liquidity -- or funds -- for the European Financial Stabilization Facility that is functioning as a backstop for Eurozone debt. This has supported the market and given it a positive psychological boost and it has translated into a lower dollar. A lower dollar is positive for commodities.”

March corn was up 12 1/2 cents at 6-06 and 1/2. March Wheat ended Thursday up 13 and 1/2 cents at 6-05 and 3/4.

Portland prices for soft white wheat and club wheat was unchanged at mostly 6-30. Hard Red Winter Wheat with 11.5 pct protein was up a nickel at mostly 7-21. DNS wheat with 14 pct protein was down 2 cents at mostly 9-29.

February live cattle were up 98 cents at 124-20. March feeder cattle were were up $1.23 at 154 even. February class III milk was up a penny at 16-48.

I'm KayDee Gilkey on the Northwest Ag Information Network. Now this.