Wheat Market Moderately Lower

Wheat Market Moderately Lower

I'm KayDee Gilkey with the Market Line Report for April 3, 2012.?

The turn higher in the other grains and a surge up in equity, gold and crude oil helped to support the bounce off of the early lows on Monday but the wheat market remained moderately lower on the session into the mid-day. Weakness in Russia wheat prices and talk that the surge higher on Friday was a bit overdone were all factors to help pressure.

From the floor of the CME, Tres Knippa from Kenai Capital shares his observations of Monday’s markets.

Knippa: “Wheat -- we have plenty of wheat. I think wheat is kinda piggybacking along with the rest of grains right now and that is why you are seeing strength there. The story is old crop corn however new crop I really think this may be a significant hedging opportunity for farmers right now.”

Chicago May Wheat ended Monday down 3 and 3/4 cents at 6-57. July new crop was down 4 and 1/2 cents at 6-69 and 1/2. May corn was up 11 cents at 6-55.

Portland prices for soft white wheat and club wheat were up a nickel at mostly 7 even. Hard Red Winter Wheat with 11.5 pct protein was down 8 at mostly 7-88. DNS wheat with 14 pct protein was up 6 to 11 cents at mostly 9-96.

June live cattle ended up 65 cents at 120-85. May Feeder cattle were up 30 cents at 149-53. May class III milk was up 15 cents at 15-81.

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