Wheat Markets Mixed

Wheat Markets Mixed

I'm KayDee Gilkey with the Market Line Report for May 15, 2012.

Bearish outside market forces clashed with talk of the oversold condition in wheat markets and talk that the recent set-back in prices could attract increased demand. From the floor of the CME, Virginia McGathey with McGathey Commodities shares her observations of Monday’s markets.

McGathey: “The corn was actually mixed it was a little higher basically traders unwinding the long beans short corn so that gave corn a little bit of a lift. It brings wheat along with it. Wheat was also mixed. I really expected it it would be lower. The outside influences with the dollar up and crude oil down so much, that I thought there would be some downward pressure. There is still uncertainty in Europe that also should be bearish for the commodities but that hasn’t happened.”

Chicago July Wheat ended Monday up 1 and 1/4 cent at 5-98 and 1/4. July corn was up 2 cents at 5-83.

Portland prices for soft white wheat and club wheat were unchanged at mostly 6-69. Hard Red Winter Wheat with 11.5 pct protein prices were up a nickel at mostly 7-15. DNS wheat with 14 pct protein prices were unchanged at mostly 8-74.

June live cattle ended up a dollar at 116-15. August Feeder cattle were down down 28 cents 157-20. June class III milk was down 19 cents at 14-70.

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