Mixed Wheat Markets

Mixed Wheat Markets

I'm KayDee Gilkey with the Market Line Report for May 25, 2012.

The supportive outside market forces of higher equity markets and a weaker US dollar faded into the mid-session on Thursday and this, along with weaker corn values helped pull the wheat market well off of the highs.

From the floor of the CME Group, Greg Wagner with GWX Ag Advisors shares his observations of Thursday’s markets.

Wagner: “The bottom line is we have a growing season ahead of us, yield is yet to be determined, there is still soil moisture deficits in the southern plains and as well as the central U.S. plains. So the question becomes can this market be pushed and at what point do you turn around. In other words at what point is price essentially discounted? What are the known fundamentals? I think we are probably approaching it -- in my humble estimation we are probably approaching that point as far as new crop contracts go.”

Chicago July Wheat ended Thursday down a 1/2 cent at 6-65. July corn was down 25 cents at 5-78 and 1/2.

Portland prices for soft white wheat and club wheat were unchanged at mostly 6-93. Hard Red Winter Wheat with 11.5 pct protein prices were steady to down a dime at mostly 7-79. DNS wheat with 14 pct protein prices were unchanged at mostly 9-18.

June live cattle ended up 8 cents at 117-88. August Feeder cattle were up 38 at 158-85. June class III milk was down a penny at 15-57.

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