Wheat Market Has Slight Grains

Wheat Market Has Slight Gains

I'm KayDee Gilkey with the Market Line Report for April 12, 2012.?

The market managed to close slightly higher on Wednesday after choppy and two-sided trade. Ideas that areas of the southeast could be vulnerable to some crop losses with more cold weather last night may have helped to provide some support.

From the floor of the CME, Joe Vaclavik with Straits Financial shares his observations of Wednesday’s markets.

Vaclavik: “Grain markets finished mostly mixed. We are going to take a day or two here to digest yesterday’s USDA report. The USDA really gave us kinda of gave us a neutral report. Corn numbers came in unchanged for the domestic balance sheets from last month. Carryout in soybeans dropped just a little bit. The report was neutral but really didn’t feed the bullish traders here.”

Chicago May Wheat ended Wednesday up 2 and 1/4 cents at 6-28. July new crop was up 1 and 1/2 cents at 6-33 and 1/2. May corn was up 1 and 1/4 cents at 6-36.

Portland prices for soft white wheat and club wheat was unchanged at mostly 6-95. Hard Red Winter Wheat with 11.5 pct protein were up 3 cents at mostly 7-41. DNS wheat with 14 pct protein were up 4 cents at mostly 9-80.

June live cattle ended up 75 cents at 115-05. May Feeder cattle were up $1.83 at 149-43. May class III milk was down 48 cents at 14-88.

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