Corn and Wheat Rebound

 Wheat and Corn Rebound

I'm KayDee Gilkey with the Market Line Report for March 12, 2012.?

The USDA report for wheat Friday was slightly supportive with the U.S. ending stocks coming in at 825 million bushels as compared to 845 million last month. ?

From the floor of the CME,James Barnett Commodity Analyst with A Contrainian’s Dilemma shares his observation’s of Friday’s markets.

Barnett: “Wheat pretty much along for the ride. We did get USDA lowering the size of the US ending stocks this year by 20 million bushels for wheat due to a slight uptick in exports, but again that is largely in the trade and not a huge piece of information. In general what we are looking for is the March 30th crop this acreage number and stocks report. It is a big number. Informa came out data today and we are going to be talking about these numbers for a couple of weeks until we come out again at the end of the month with this latest data from the USDA.”

Chicago May Wheat ended Friday up 8 and 1/4 cents at 6-43. July new crop was up 7 and 3/4 cents at 6-53 and 1/2. May corn was up 9 and 1/2 cents at 6-45.

Portland prices for soft white wheat and club wheat were steady to up a nickel at mostly 7-09. Hard Red Winter Wheat with 11.5 pct protein was up 6 cents at mostly 7-70. DNS wheat with 14 pct protein was up a penny at mostly 9-50.

April live cattle were down 63 cents at 126-03. April Feeder cattle were down$1.63 at 155-85. April class III milk was unchanged at 15-24.

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