Wheat Market Has Upward Day

Wheat Market Has Upward Day

I'm KayDee Gilkey with the Market Line Report for August 6, 2012.?
The Chicago wheat market traded sharply higher on the day Friday following a week that saw extreme amounts of liquidation and profit taking. The US corn supply remains the focus of the grain market but an increase in feed wheat demand and cuts in global wheat production has forced risk premium into wheat prices.From the floor of the CME Group, James Barnett shares his observations of Friday’s markets.

Barnett: “We had an upward day here across the trading floor of the grains. New crop corn ending up 11 cents and wheat was up 24 cents. It is a realizing market is basically the situation we are in. That means a couple of things, first we are attempting to realize the size of the crop for both corn and soybeans out here in the U.S. Midwest. Second, the market is attempting to figure out how much rationing we have to do once we know the size of the crop.”

Chicago September Wheat ended Friday up 26 and 1/4 cents at 8-91 and 1/4. September corn ended the day up 16 cents at 8-10.

Portland prices for soft white wheat and club wheat were up 15 to 21 cents at mostly 8-72. Hard Red Winter Wheat with 11.5 pct protein prices were up 27 cents at mostly 9-43. DNS wheat with 14 pct protein prices were up 7 to 18 cents at mostly 9-90.

October live cattle ended Friday down 73 cents at 124-38. September Feeder cattle were down 58 cents at 140-55. September class III milk was up 31 cents at 18-71.

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