Wheat Sharply Higher on Monday

Wheat Sharply Higher on Monday

Wheat Sharply Higher on Monday

I'm KayDee Gilkey with the Market Line Report for July 3, 2012.

With hot and dry weather continues to dominate the headlines in the midwest, corn led the way Monday as concerns mounted over lost U.S. production and tightening 2012-2013 domestic stocks. From the floor of the CME Group, Jerrod Kitt shares his observations of Monday’s markets.

Kitt: “It was another major up day here at the CBOT complex. We started strong overnight and we just kind of sustained that strength as the day wore on. Corn was up 19 to 20 cents, beans were up 10 cents and wheat was up about 10 to 12 cents. Wheat is kind of the following marketing, just kind of following directions from corn and beans.”
Chicago September Wheat ended Monday up 15 and 1/4 cents at 7-72 and 1/2. September corn ended the day up 23 and 3/4 cents at 6-52 and 1/4.
Portland prices for soft white wheat and club wheat were steady at mostly 7-63. Hard Red Winter Wheat with 11.5 pct protein prices had no price comparison at mostly 8-28. DNS wheat with 14 pct protein prices had no price comparison at mostly 9-63.

The cattle market traded slightly lower early in the session and pushed moderately lower on the day into the mid-session on Monday.

August live cattle ended down Monday $1.18 at 119-28. August Feeder cattle were down $1.80 at 149-63. August class III milk was down 37 cents at 17-25.

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

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