Wheat Market Has Some Gains

Wheat Market Has Some Gains

I'm KayDee Gilkey with the Market Line Report for March 19, 2012.

The wheat futures at all three exchanges posted slight to moderate gains. All exchange wheat was up for the week. The market is signaling a near-term low has been posted, as traders reacted with strong gains Thursday to news Egypt purchased U.S. SRW wheat. From the floor of the CME, Joe Vaclavik with Straits Financial shares his observation’s of Friday’s markets.

Vaclavik: “Grain markets finished the day higher on Friday with sharply higher closes for the week. And actually the highest closes for corn and soybeans since back in August. Looking forward March 30th is really the big deal. Until then we’ve got a couple of export reports but wait til the 30th and that will give you your next big sense of direction here.”

Chicago May Wheat ended Friday up 7 and a 1/4 cents at 6-72 and 3/4. July new crop was up 4 and 3/4 cents at 6-77 and 1/4. May corn was up 4 cents at 6-73.

Portland prices for soft white wheat and club wheat were unchanged at mostly 7-16. Hard Red Winter Wheat with 11.5 pct protein was up a penny to 4 cents at mostly 7-96. DNS wheat with 14 pct protein was up 3 cents at mostly 9-66.

April live cattle were down 28 cents at 125-30. April Feeder cattle were down$1.70 at 154-30. April class III milk was down 13 cents at 15-82.

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