Wheat Market Had Little Movement

Wheat Market Had Little Movement

I'm KayDee Gilkey with the Market Line Report for April 4, 2012.?

May wheat managed to close slightly higher on the session Tuesday after spending much of the day in negative territory. Rain in the plains overnight and ideas that the crop may continue to improve helped to spark the early selling pressures.

From the floor of the CME, Greg Wagner with GWX Ag Advisors shares his observations of Tuesday’s markets.

Wagner: “The best hope for the wheat is that it coat tails the corn market higher. That is what we are looking at right now, news is slow. We’ll have the export sales on Thursday, no trade on Friday. Look for this market to be well support going forward.”

Chicago May Wheat ended Tuesday up 1 cent at 6-58. July new crop was down a 1/2 cent at 6-69. May corn was up 3 and 1/4 cents at 6-58 and 1/4.

Portland prices for soft white wheat and club wheat were not fully established at mostly 7-05. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established and ranged between 7-76 and 7-91. DNS wheat with 14 pct protein prices were not fully established and ranged between 9-90 and 10 even.

June live cattle ended down 75 cents at 116-05. May Feeder cattle were down $1.20 at 148-23. May class III milk was down 22 cents at 15-59.

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