Crop Report Boosts Markets

Crop Report Boosts Markets

I'm KayDee Gilkey with the Market Line Report for April 2, 2012.?

The steep drop in plantings for spring wheat plus ideas that funds needed to exit shorts helped to drive the market sharply higher. From the floor of the CME, Frank Lesh with Future Path Trading shares his observations of Friday’s markets.

Lesh: “Wheat data bullish here today. Total wheat acreage was 55.9 million that was opposed to expectations of 57.4 million. Wheat stocks 1.201 million bushels down from expectations of 1.233 million bushels.”

Chicago May Wheat ended Friday up 48 and 1/4 cents at 6-60 and 3/4. July new crop was up 46 and 3/4 cents at 6-74. May corn was up 40 cents at 6-44.

Portland prices for soft white wheat and club wheat were up 15 to 20 cents at mostly 6-96. Hard Red Winter Wheat with 11.5 pct protein had no comparison and at mostly 7-97. DNS wheat with 14 pct protein had no comparison at mostly 9-87.

Cattle futures closed out a week of sharp losses with another round of stiff declines on Friday.

June live cattle ended down $2.33 at 116-15. May Feeder cattle were down $2.70 at 149-13. May class III milk was up 37 cents at 15-66.

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