Spillover Support in Wheat Markets

Spillover Support in Wheat Markets

I'm KayDee Gilkey with the Market Line Report for April 30, 2012.

July wheat rose to the highest prices levels since April 10th early in Friday's session, and was able to hold a large portion of that initial strength throughout the rest of the day's trading. July wheat finished the week with a gain of 27 cents. Wheat saw spillover support from other grains and cold weather in the weekend’s forecast.

A large selloff in the US Dollar and active buying of corn and soybeans from China were also seen as positive forces, helping to spark additional short covering going into the weekend.

Chicago July Wheat ended Friday up 14 and 1/2 cents at 6-50. July corn was up 18 cents at 6-25 and 1/2.

Portland prices for soft white wheat and club wheat were were not fully established but were at mostly 7-13. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established but ranged between 7-58 and 7-82. DNS wheat with 14 pct protein prices were not fully established but were at mostly 9-23.

The cattle market traded moderately higher on Friday into the mid-session. News that the single mad cow last week was a 10-year old dairy cow would leave some traders to believe that the impact on US export potential and US consumer demand will be very small.

June live cattle ended up 48 cents at 112-85. August Feeder cattle were up 53 cents at 152-08. June class III milk was up 2 cents at 14-20.

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