Positive Prices in Wheat Market

Positive Prices in Wheat Market 

I'm KayDee Gilkey with the Market Line Report for May 22, 2012.

A continued threatening weather forecast for Russia plus a hot and dry trend for Kansas for the next week has helped to support the solid gains. 

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

Krueger: “One item is that today was the first day under the new trading hours where things opened up at 3 Pacific time on Sunday afternoon and will go til noon today as far as the day session goes. And we are only down from  1 to 4. In the night session, wheat had a range of almost 40 cents -- flew all over the place. It continues to meander around mostly higher say five to ten cents. Continued weather threats from last week, nothing really new on that. Pretty good export shipments, and neutral outside markets but a positive day all-in-all.”

Chicago July Wheat ended Monday up 4 cents at 6-99 and 1/4. July corn was down 6cents at 6-29 and 1/2.

Portland prices for soft white wheat and club wheat were up a nickel to a dime at mostly 7-09. Hard Red Winter Wheat with 11.5 pct protein prices were up a dime at mostly 8-15. DNS wheat with 14 pct protein prices were up a nickel at mostly 9-43. 

June live cattle ended down 73 cents at 118-80. August Feeder cattle were down $1.60 at 159-10. June class III milk was up a nickel at 15-44. 

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