Grain Markets Continue Higher

Grain Markets Continue Higher

I'm KayDee Gilkey with the Market Line Report for July 20, 2012.

Wheat found support from sharply higher corn and soybean markets, along with concern over tightening world supplies in 2012/13. Temperatures are expected to reach 95-105 degrees this week in the western Corn Belt, adding to corn stress. Wheat is also seeing support from speculation that Russian wheat production for 2012/13 will continue to fall. Outside markets added support with the US Dollar trading weaker and crude oil is sharply higher on the day Thursday.

From the floor of the CME Group, Charles Nedoss shares his observations of Thursday’s markets.

Nedoss: “Grain markets firm here today. Watch for any real change in the weather pattern here that is what is driving the crops, or the price of crops.”

Chicago September Wheat ended Thursday up 31 3/4 cents at 9-35 even. September corn ended the day up 12 and 3/4 cents at 8-07 and 3/4.
Portland prices for soft white wheat and club wheat were up 20 to 25 cents at mostly 9-06. Hard Red Winter Wheat with 11.5 pct protein prices were up 32 cents at mostly 9-83. DNS wheat with 14 pct protein prices were up 4 to 9 cents at mostly 10-95.

August live cattle ended Thursday up 88 cents at 118-90. August Feeder cattle were up $1.90 at 139-10. August class III milk was down 3 cents at 17-76.

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