Wheat and Cattle Markets Up

Wheat and Cattle Markets Up

I'm KayDee Gilkey with the Market Line Report for March 27, 2012.?

The break in the US dollar and some growing concerns for dryness in Western Europe helped to support a bounce early in the session for wheat. Then fund trader short-covering helped drive the market sharply higher into wheat’s mid-session. From the floor of the CME, Gary Kozlowski with United Futures Trading Group shares his observation’s of Monday’s markets.

Kozlowski: “Now if we look at the wheat market, the wheat market again was on its way up today. It looks like that is going to hold in the 6-60 range, maybe 6-70, we’ll see how that plays out. It looks like the crop conditions for that are also pretty good.”

Chicago May Wheat ended Monday up 5 and 1/4 cents at 6-59 and 1/2. July new crop was up 5 and 3/4 cents at 6-70 and 1/4. May corn was down 8 and 3/4 cents at 6-37 and 3/4.

Portland prices for soft white wheat and club wheat were up a dime at mostly 7-15. Hard Red Winter Wheat with 11.5 pct protein was up a nickel at mostly 7-91. DNS wheat with 14 pct protein was up a nickel at mostly 9-65.

Traders had a slightly bearish Cattle on Feed Report to digest Monday, but selling pressure was limited by ideas heavy pressure in anticipation of last Friday’s report had already pushed prices low enough.

April live cattle were up a nickel at 124-55. April Feeder cattle were up 13 cents at 152-55. April class III milk was down 7 cents at 15-61.

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