Wheat Closes Sharply Higher

Wheat Closes Sharply Higher

I'm KayDee Gilkey with the Market Line Report for January 27, 2012.

Wheat again had strong buying interest on increased demand for U.S. wheat supplies. March wheat closed sharply higher on the session and the rally pushed the market up to the highest level since January 4th and above the 100-day moving average for the first time since August.

Parker McMahan of LaSalle Street News shares his observations of Thursday’s market:

McMahan: “Some of the things influencing the market today. We had macro influencers to be supportive at the outset today. by the affluence comments yesterday they were accommodative from a monetary policy stance. Wheat was the strongest gainer today on the upside here. Ideas are that they are running out of wheat in the former Soviet Union. They are running out of cheap grain to sell basically. So U.S. supply becomes more competitive and more important.”

March corn was unchanged at 6-34 and 1/2. March Wheat ended Thursday up 12 and 1/4 cents at 6-53 and 1/2.

Portland prices for soft white wheat and club wheat remained unchanged to up 7 cents at a range of 6-45 to 6-72. Hard Red Winter Wheat with 11.5 pct protein was up 12 cents at mostly 7-74. DNS wheat with 14 pct protein was up 14 cents at mostly 9-57.

February live cattle were down $1.30 at 124-55. March feeder cattle were down $1.38 at 153-63. February class III milk remained unchanged at 16-58.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.