Wheat Markets Supported by Uncertain Weather

Wheat Markets Supported by Uncertain Weather

I'm KayDee Gilkey with the Market Line Report for April 27, 2012.

Uncertain weather factors helped to support the early bounce and short-covering emerged to see moderately higher trade into the mid-session. Temperatures in northern Texas wheat areas were well above 100 degrees and this had traders concerned for yield losses.

From the floor of the CME, Scott Shallady with ICAP US shares his observations.

Shellady: “The corn and wheat have been trading off the U.S. weather. They have been technically heavy. I think these markets have also been in a sidewise pattern here. You can go back to September last year and see that the front month corn has traded between 6-10 and 6-60 for the last six to nine months. Having said that we’ve got some depressed volumes, we’ve got some depressed volatility, though they’ve been bid up as of late.”

Chicago July Wheat ended Thursday up 9 cents at 6-35 and 1/2. July corn was up 6 and 1/2 cents at 6-07 and 1/2.

Portland prices for soft white wheat and club wheat were were not fully established but were at mostly 7-05. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established but ranged between 7-41 and 7-66. DNS wheat with 14 pct protein prices were not fully established but ranged between 9-25 and 9-30.

June live cattle ended up a dime at 112-38. August Feeder cattle were down 63 cents at 151-55. June class III milk was down 11 cents at 14-18.

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