Dynamic Day in Wheat Market

Dynamic Day in Wheat Market

I'm KayDee Gilkey with the Market Line Report for May 21, 2012.

Mike Krueger President of MK Commodities shares his observations of Friday’s dynamic wheat market.

Krueger: “Kinda of set up by regular funds being record short in Chicago wheat going into last weekend. Greece not getting worst and market’s attention being able to notice that the problems in long-known in the Ukraine and Kazakhstan apply in Russia as well. We’ve got some dry hot weather sapping yields in the southern plains. Dry conditions in China and all of a sudden we’re over the 40-day average, the 100-day average, the squiggle line, and today boom the April and the March highs both in a big short-covering blast.”

Chicago July Wheat ended Friday up 37 and 1/2 cents at 6-95 and 1/4. July corn was up 10 and 1/2 cents at 6-35 and 1/2.

Portland prices for soft white wheat and club wheat were up a dime at mostly 7 even. Hard Red Winter Wheat with 11.5 pct protein prices were up 33 cents at mostly 8-05. DNS wheat with 14 pct protein prices were up 15 to 25 cents at mostly 9-37.

June live cattle ended up $1.60 at 119-53. August Feeder cattle were up 78 cents at 160-70. June class III milk was up 2 cents at 15-39.

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