Wheat Market Closed Slightly Mixed

Wheat Market Closed Slightly Mixed

I'm KayDee Gilkey with the Market Line Report for April 18, 2012.?

May wheat gave back all of the early small gains to close down on the day and well off of the early peak. The market was trading moderately higher on the day into the mid-session but saw choppy to lower trade for much of the day and pushed to new lows for the late Tuesday.

From the floor of the CME, Jack Scoville with Prices Future Group shares his observations of Tuesday’s markets.

Scoville: “The crop is being planted in record time. Other weather conditions to note are in the northern plains and up into Canada where it has been a little too dry and also too dry in parts of Europe and over in Russia where it has also been very hot. That seems to be supporting the wheat market in through here a little bit.”

Chicago May Wheat ended Tuesday down 3/4 of a cent at 6-15 and 1/2. July new crop was down a penny at 6-20 and 1/4. May corn was down 6 and 1/2 cents at 6-16 and 3/4.

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 prices were up from a penny to 6 cents at mostly 7-32. DNS wheat with 14 pct protein prices were down 2 to 7 cents at mostly 9-52.

June live cattle ended up 43 cents at 116-58. May Feeder cattle were up $1.20 at 153-13. May class III milk was down 15 cents at 14-83.

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