Wheat Benefits From Spillover Buying

 Wheat Benefits From Spillover Buying

I'm KayDee Gilkey with the Market Line Report for February 28, 2012.

Wheat futures opened under pressure on spillover from negative outside markets, but as soybeans charged higher, wheat benefited from spillover buying. Last week's projections made by USDA during its 2012 Outlook Forum in which it said wheat acres were likely to be higher compared to year-ago remain on traders' minds. This, combined with strength in the U.S. dollar index, limited early buying. But as soybean futures intensified the bid for 2012 acres, buying returned to wheat futures.

From the floor of the CME, Joe Vaclavik of Straits Financial details the dates on the upcoming USDA reports.
Vaclavik: “Moving forward we have export sales this Thursday and on March 9th we have March crop production and then the real big report on March 30th for prospective plantings.”

Chicago May Wheat ended Monday up 11 and 1/2 cents at 6-52 and 3/4. May corn was up 4 and 1/2 cents at 6-48 and a 1/2.

Portland prices for soft white wheat and club wheat were steady to up a dime at mostly 7-02. Hard Red Winter Wheat with 11.5 pct protein was up a 5 to 6 cents at mostly 7-69. DNS wheat with 14 pct protein had no available prices for Monday.

April live cattle were down 88 cents at 127-55. April Feeder cattle were down 75 cents at 159-53. April class III milk was up 16 cents at 15-28.

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