Strong Grain Markets

 Strong Grain Markets

I'm KayDee Gilkey with the Market Line Report for April 13, 2012.?
A bullish tone to outside market forces and talk that US wheat will be competitive on the export market ahead added to the positive tone on Thursday. Weakness in the US dollar and a surge higher in other grains, gold and energy markets helped to support.

From the floor of the CME, Virginia McGathey with McGathey Commodities shares her observations of Thursday’s markets.

McGathey: “The markets was really strong. Soybeans, corn and wheat all led by what is happening in China. There is a rumor out that the report on the announcement of GDP for China tomorrow is going to be better. As well as that they will possible being reducing the restrictions or requirements on the big banks which should definitely give the market a big boost.”

Chicago May Wheat ended Thursday up 11 and 1/4 cents at 6-39 and 1/4. July new crop was up 11 cents at 6-44 and 1/2. May corn was up 1 and 1/2 cents at 6-37 and 1/2.

Portland prices for soft white wheat and club wheat was not fully established at mostly 7-10. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established at a range of 7-46 to 7-61. DNS wheat with 14 pct protein prices were not fully established at a range of 9-81 and 9-86.

Live and feeder cattle futures gapped higher on the open and extended gains.
June live cattle ended up $2.10 at 117-15. May Feeder cattle were up $2.83 at 152-25. May class III milk was down 20 cents at 14-68.

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