Choppy Day for Wheat Market

Choppy Day For Wheat Market

I'm KayDee Gilkey with the Market Line Report for February 17, 2012.

Wheat futures were choppy today, but in the end firmed on help from corn and a weakening U.S. dollar index. From the floor of the CME, Greg Wagner of GWX Ag Advisors shares his observations of Thursday’s market.

Wagner: “We had export sales come out this morning. Corn was well above expectations. Soybeans were well below expectations -- on the low end of expectations. As well as wheat on the low end of expectations. That had influence, no question, on trade today. Looking ahead a very very important thing coming up. Next Friday, 8 o’clock Chicago time, the USDA will release its officially unofficial supply-demand sheets for 2012-13 season.”

March corn was up 9 and 1/4 cents at 6-36 and 1/4. March Wheat ended Thursday up 13 cents at 6-83.
Portland prices for soft white wheat and club wheat were unchanged at mostly 7-14. Hard Red Winter Wheat with 11.5 pct protein was at a range of 7-48 to 7-61. DNS wheat with 14 pct protein had no available prices for Thursday.

April live cattle were up 75 cents at 129-65. March feeder cattle were up 20 cents at 156-83. March class III milk was down 14 cents at 15-63.

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