Higher Market Prices

Higher Market Prices

I'm KayDee Gilkey with the Market Line Report for January 25, 2012.

Grain prices were up as well as class III milk and very strong in live cattle and feeder cattle. Frank Lesh of Future Path Trading comments on Tuesday’s market:

Lesh: “We had news about a potential Russian export tax that had wheat up and a real push higher on wheat and it closed a lot stronger than any companion markets in here today. Russia has a level of 25 to 26 million and at that point that said they are going to limit those exports with that tax. Stronger dollar today, not a deterrent to trade. Dollar was up not real strong, but still higher on the day. Funds right now are heavily short in the wheat. We know there is a lot of short covering going on in wheat market.”

March corn was up 10 and 1/4 cents at 6-30 and 1/4. March Wheat ended Tuesday up 13 and 3/4 cents at 6-33 and 1/2.

Portland prices for soft white wheat and club wheat were up about 22 cents at mostly 6-55. Hard Red Winter Wheat with 11.5 pct protein was remained about the same at a range between 7-46 to 7-52. DNS wheat with 14 pct protein was up 8 cents at mostly 9-41.

February live cattle were up a $1.20 at 125-80. March feeder cattle were were up $1.13 at 154-87. February class III milk was up 22 cents at 16-50.

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