Wheat Market Continues its Move Higher

Wheat Market Continues Its Move Higher

I'm KayDee Gilkey with the Market Line Report for July 6, 2012.

Chicago wheat traded sharply higher heading into the close of the session Thursday on concern over weather and the decline of new crop corn yields. From the floor of the CME Group, Robert Chesler shares his observations of Thursday’s markets.

Chesler: “Coming off a Fourth of July that was very hot and humid not really any rain to help out. This has been a weather-driven market and we continue to have that problematic weather. We look for weather to continue to underpin things. But we do have the New York Times out with a very big article about the major damage to the corn crop because of the weather. A lot of people in the trade that like to say that level and that forum the rally is done, the market made its move and it is time to get out.”
Chicago September Wheat ended Thursday up 40 and 1/2 cents at 8-43. September corn ended the day up 34 and 3/4 cents at 7-08 and 3/4.
Portland prices for soft white wheat and club wheat were up 30 to 40 cents at 8-14. Hard Red Winter Wheat with 11.5 pct protein prices were up 40 cents at mostly 8-94. DNS wheat with 14 pct protein prices were up 23 to 33 cents at mostly 10-26.

August live cattle ended down Thursday 33 cents at 119-15. August Feeder cattle were down $1.45 at 145-95. August class III milk was up 22 cents at 17-48.

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