Wheat Market Ends Either Side of Unchanged

Wheat Market Ends Either Side of Unchanged

I'm KayDee Gilkey with the Market Line Report for May 11, 2012.

Wheat was a mixed bag as the winter wheat production came in solidly above pre-report ideas, but an increase in feed demand this summer should help offset the ending stocks numbers. 

From the floor of the CME, Jack Scoville with Price Futures Group shares his observations of Thursday’s markets.

Scoville: “The wheat market had kind of mixed news today. Wheat saw increase production, especially in the hard red winter wheat areas in the Great Plains. Also very, very strong use, which is probably true especially on the feed side and one of the reasons why the corn numbers were as bad as they were. USDA expects very heavy wheat feeding as we move forward. So ending stocks on a month-to-month and year-to-year basis actually dropped despite the increase production. That implies that we are pretty close to a lull in the wheat market.”

Chicago July Wheat ended Thursday up 1 and 1/4 cents at 6-01 and 1/4. July corn was down 19 and 3/4 cents at 5-87 and 1/2.

Portland prices for soft white wheat and club wheat were unchanged to down a nickel at mostly 6-72. Hard Red Winter Wheat with 11.5 pct protein prices were down a penny at mostly 7-15. DNS wheat with 14 pct protein prices were down 3 cents at mostly 8-73.

June live cattle ended down 75 cents at 115-85. August Feeder cattle were unchanged at 158-90. June class III milk was up 4 cents at 14-42.

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