Wheat and Corn Up Again

Wheat and Corn Up Again

I'm KayDee Gilkey with the Market Line Report for March 13, 2012.?

Wheat futures were supported throughout Monday by strength in the corn market. Wheat weekly export inspections came in at 31.6 million bushels which was sharply higher than trade expectations.

From the floor of the CME, Charles Nedoss Senior Market Strategist with Olympus Futures shares his observation’s of Monday’s markets.

Nedoss: “The spreads here really did gain here today. March gained 2 cents on May and is trading at near historic levels in terms of the invert there. March corn also gained about 6 cents on the July contract. Again rumors of the large Chinese purchase as well as possible export restrictions from Argentina did keep a good bid under corn throughout the day closing up towards the highs of the session.”

Chicago May Wheat ended Monday up 8 and 1/4 cents at 6-51 and 1/4. July new crop was up 5 and 3/4 cents at 6-59 and 1/4. May corn was up 14 and 1/2 cents at 6-59 and 1/2.

Portland prices for soft white wheat and club wheat were steady to up a nickel at mostly 7-12. Hard Red Winter Wheat with 11.5 pct protein was up 12 to 17 cents at mostly 7-84. DNS wheat with 14 pct protein was up 15 to 20 cents at mostly 9-63.

April live cattle were up 73 cents at 126-75. April Feeder cattle were up 50 cents at 156-35. April class III milk was up 22 cents at 15-46.

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