Dollar Lowers, Grain Markets Higher

Dollar Lowers, Grain Markets Higher

i'm KayDee Gilkey with the Market Line Report for February 14, 2012.

The weaker US dollar, a jump in equity prices and news that Egypt bought US wheat for the first time since June helped to support the wheat market Monday.

From the CME floor, Frank Lesh of Future Path Trading shares his observations of Monday’s market:

Lesh: “Right now there is a discount from wheat to corn, we are seeing an demand outlook improve there on the feed wheat. We’ve got Russia wheat now priced above U.S. wheat so starting to see some business come in to U.S. because of that. However world wheat supplies still at record levels. Winterkill in Europe still a concern, though not as much as last week.”

March corn was up 7 and 3/4 cents at 6-39 and 1/2. March Wheat ended Monday up 11 and 1/4 cents at 6-41 and a 1/4.

Portland prices for soft white wheat and club wheat were unchanged at mostly 7-10. Hard Red Winter Wheat with 11.5 pct protein was up 10 cents at mostly 7-53. DNS wheat with 14 pct protein had no available prices for Monday.

April cattle closed sharply higher on the day and managed to recover most of the losses from Friday due to a much more positive tilt to commodity markets Monday. April live cattle were up $1.32 at 128-15. March feeder cattle were up $1.10 at 154-75. March class III milk was down 22 cents at 15-41.

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