Wheat Market Had Solid Gains For the Week

Wheat Market Had Solid Gains For the Week

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

Strong spillover from the corn market, easing seasonal pressure and global crop concerns paved the way for the wheat market to post strong gains this week. From the floor of the CME Group, Virginia McGathey shares her observations of Friday’s markets.

McGathey: “The markets were up a little bit. There was a little bit of a rebound in corn market but really wheat led the way today. There has been some increase in demand with some idea that the wheat supply worldwide is tightening. Now that is basically because of the hot weather in Russia and Australia. However the wheat supplies have been plentiful for the last number of months, so that is only a projection that might happen. Wheat has been traded a little bit thin but we’ve rallied almost 80 cents in the last week.”

Chicago September Wheat ended Friday up 9 cents at 6-87 and 1/2. September corn ended the day up a penny at 5-51 and 1/4.

Portland prices for soft white wheat and club wheat were steady to up a nickel at mostly 7-19. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 cents at mostly 7-62. DNS wheat with 14 pct protein prices were up 9 cents at mostly 9-17.
August live cattle ended up 90 cents at 116-90. August Feeder cattle were up 15 cents at 152-80. August class III milk was up 16 cents at 17-19.
I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.