Grains Close on Strong Note

Grains Close on a Strong Note

I'm KayDee Gilkey with the Market Line Report for February 20, 2012.

A continued flow of positive export sales news plus a rally in the other grains and a positive tilt to outside market forces helped to support wheats early gains. From the floor of the CME, Kevin Craney, of RJO Futures shares his observations of Friday’s market.

Craney: “Grains closing the day on a strong note. We saw a sale of old crop corn 120,000 metric tonnes to South Korea this morning as well as a tender of wheat to Egypt as well. So all of this really fueling the grain markets as we go into a three-day weekend. Look for this to continue to fuel the bulls as we come into a four day week next week. Likewise looking for a report toward the end of next week from USDA as well.”

March corn was up 5 and 1/2 cents at 6-41 and 3/4. March Wheat ended Friday up 15 and 1/4 cents at 6-44.
Portland prices for soft white wheat and club wheat were up 2 cents at mostly 7-16. Hard Red Winter Wheat with 11.5 pct protein was up about six cents at mostly 7-70. DNS wheat with 14 pct protein had no available prices for Friday.

Live Cattle futures posted new life of contract highs Friday, as did Feeder Cattle futures. April live cattle were up $1.25 at 130-90. March feeder cattle were up $1.60 at 158-43. March class III milk was up a nickel at 15-68.

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