Wheat Rallies on Russian Weather

Wheat Rallies on Russian Weather

I'm KayDee Gilkey with the Market Line Report for February 1, 2012.

The cold weather snap in the Former Soviet Union and Europe can take some of credit for the gain in the wheat market. From the CME floor, Parker McMahan of LaSalle St. News shares his observations of Tuesday’s market:

McMahan: “Weather is pretty much the predominate factor right now moving the market. It is the month-end so we have traders squaring off their positions -- so on and so forth. The cattle futures also did make some strong moves higher here end of last week and this week. There were some expectations that we could see a bit of a set back in feed prices but that seems to not be the situation on the feed side now.”

March corn was up 7 1/4 cents at 6-39. March Wheat ended Tuesday up 21 and 1/4 cents at 6-66.

Portland prices for soft white wheat and club wheat was up about a dime to mostly 6-68. Hard Red Winter Wheat with 11.5 pct protein was at mostly 7-84. DNS wheat with 14 pct protein was at mostly 9-73.

April live cattle were up 68 cents at 128-43. March feeder cattle were up $1.18 at 155-53. March class III milk was down 14 cents at 16-56.

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