Wheat Market Has Modest Gains

Wheat Market Has Modest Gains

I'm KayDee Gilkey with the Market Line Report for July 23, 2012.

Wheat found support from sharply higher corn market after weather forecasts show temperatures are expected to reach 95-105 degrees in much of mid-west into next week; increasing stress on crops. From the floor of the CME Group, Gary Kozlowski shares his observations of Friday’s markets.

Kozlowski: “Well, what we’ve been seeing it’s been actually all week long, in the last couple of months is weather, weather, and weather. Weather has been controlling these markets to such an unbelievable level. We are seeing record prices in corn wheat and soy. If we look at wheat, the wheat situation if we look overseas right now Australia, Russia everyone is having a tough time with their wheat crop this year, as well as including we.”

Chicago September Wheat ended Friday up 8 1/4 cents at 9-43 and 1/4. September corn ended the day up 16 and 3/4 cents at 8-24 and 1/2.
Portland prices for soft white wheat and club wheat were up 8 to 10 cents at mostly 9-15. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 to 8 cents at mostly 9-88. DNS wheat with 14 pct protein prices were up 4 to 8 cents at mostly 11-01.

August live cattle ended Friday down $1.33 at 115-48. August Feeder cattle were down $1.80 at 134-20. August class III milk was up 20 cents at 17-96.

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