Wheat Market Gained Thursday

Wheat Market Gained Thursday

I'm KayDee Gilkey with the Market Line Report for April 20, 2012.

The surge higher in the other grains plus talk that funds hold a near record net short position in wheat helped to spark aggressive short-covering and sharply higher trade into the mid-session on Thursday.

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

Vaclavik: “The grain markets finished the day sharply higher led by corn and wheat contracts. Big rumor here on the floor was of a big Chinese corn purchase, from what I’m hearing the rumor purchase was supposedly for a new crop. You saw strength across the board up 10 to 15 cents on most corn contracts. Still the bigger issue, the more pressing thing is going to be weather for the next several months.”

Chicago May Wheat ended Thursday up 14 cents at 6-24 and 3/4. July new crop was up 14 and 1/4 cents at 6-30. May corn was up 19 and 1/4 cents at 6-21.

Portland prices for soft white wheat and club wheat were not fully established but were at mostly 6-99. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established but ranged between 7-34 to 7-49. DNS wheat with 14 pct protein prices were not fully established and ranged between 9-45 to 9-55.

June live cattle ended up $1.03 at 115-85. May Feeder cattle were up a nickel at 152-08. May class III milk was up 36 cents at 15-04.

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