Hot Weather, Outside Markets Support Grains

Hot Weather, Outside Markets Support Grains

I'm KayDee Gilkey with the Market Line Report for July 2, 2012.

Reporting from the Oregon and Washington Cattlemen’s Associations’ Mid-year meeting in Pendleton. With cattle top of mind, I’ll begin with the cattle prices. Live cattle futures posted a strong finish to end the week with sharp gains. August live cattle ended more than $3 above last week's close.

August live cattle ended up Friday $1.13 at 120-45. August Feeder cattle were up $1 even at 151-45. August class III milk was up 9 cents at 17-62.

From the floor of the CME Group, Greg Wagner shares his observations of Friday’s markets.
Wagner: “It’s been a dynamic day because of the fact that we had two major reports much anticipated and that is the acreage report and the quarterly grain stocks and I would make the observation that for once USDA did not throw a curveball to the market in regards to the grain stocks. The grain stocks basically coming in line some what with trade expectations beyond that we are really trading weather.”
Chicago September Wheat ended Friday up 13 and 1/4 cents at 7-57 and 1/4. September corn ended the day up 2 and 1/4 cents at 6-28 and 1/2.
Portland prices for soft white wheat and club wheat were steady to up a nickel at mostly 7-55. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 cents at mostly 8-08. DNS wheat with 14 pct protein prices ranged from down a nickel to up a dime at mostly 9-50.

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