Slight Gain in Wheat Markets

Slight Gain in Wheat Markets

I'm KayDee Gilkey with the Market Line Report for May 9, 2012.

With a bearish tone to outside market forces on Tuesday, the wheat market did not see too much selling as traders see more short-covering ahead of the USDA Crop Production and supply/demand reports for Thursday.

From the floor of the CME, Gary Kozlowski with United Futures shares his observations of Tuesday’s markets.

Kozlowski: “Now if we take a look at the wheat, they are saying there is a deterioration in the rating on the winter crop. Let’s see how that all plays out. Wheat has been pretty much holding its own, staying in a relatively flat area. One of the things we are looking at is that South Korea has been buying it up.There is still a lot of export demand on this wheat and we are looking at that to possibly start climbing back up.”

Chicago July Wheat ended Tuesday up 3 cents at 6-15. July corn was up 3 cents at 6-23.

Portland prices for soft white wheat and club wheat were not fully established but were at mostly 6-80. Hard Red Winter Wheat with 11.5 pct protein prices were not fully established but ranged between 7-25 and 7-40. DNS wheat with 14 pct protein prices were not fully established but ranged between 8-79 and 8-89.

June live cattle ended down 50 cents at 115-88. August Feeder cattle were down 68 cents at 158-78. June class III milk was down a penny at 14-25.

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