Wheat Market Closed Nearly Flat

Wheat Market Closed Nearly Flat

I'm KayDee Gilkey with the Market Line Report for April 6, 2012.?
Wheat futures staged a choppy day of trade at all three exchanges, but market bears gained momentum into the close on Thursday. Chicago wheat posted slight losses for the week. The winter wheat crop is off to a quick and favorable start. 

From the floor of the CME, Frank Lesh with Future Path Trading shares his observations of Thursday’s markets.

Lesh: “Grain Council says world wheat production 681 million tonnes this year. Spring wheat right now about 8 percent planted versus 1 percent last year. Australia exports up 14 percent month-to-month and up over 30 percent year-to-year. Other news in wheat, India will harvest a record wheat crop this year.”

Chicago May Wheat ended Thursday down 3/4 cents at 6-38 and 1/2. July new crop was down 3 and 1/2 cents at 6-46 and 1/4. May corn was up 1 and 1/2 cents at 6-58 and 1/4.

Portland prices for soft white wheat and club wheat were down a nickel at mostly 6-95. Hard Red Winter Wheat with 11.5 pct protein price was down 8 cents at mostly 7-57. DNS wheat with 14 pct protein price was down a nickel to mostly 9-88.

June live cattle ended up 70 cents at 115-83. May Feeder cattle were up 13 cents at 148-33. May class III milk was down 16 cents at 15-31.

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