Grains Put in Strong Performance Ahead of Report

Grains Put in Strong Performance Ahead of Report

I'm KayDee Gilkey with the Market Line Report for August 9, 2012.?
The wheat market was supported Wednesday by a stronger corn trade and ideas that global feeding demand will be in the rise. Outside markets were negative with US Stocks trading lower and the US dollar stronger. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.

Wagner: “We’ve got one trading day left on Thursday, August 9th, report comes out on Friday morning at 7:30 Chicago time. We will get the first-pass yield estimates for corn and soybeans.”

Chicago September Wheat ended Wednesday up 10 and 1/4 cents at 8-99 and 1/4. September corn ended the day up 14 and 3/4 cents at 8-10 and 3/4.

Portland prices for soft white wheat and club wheat were up a dime at mostly 8-81. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 to 12 cents at mostly 9-53. DNS wheat with 14 pct protein prices were up 10 to 17 cents at mostly 9-96.

Cattle futures were supported by ongoing strength in the boxed beef market, which is raising traders' expectations for higher cash cattle trade. Not only have boxed beef prices risen this week, but movement has also improved to signal retailers are actively preparing for Labor Day features.

October live cattle ended Wednesday up $1.50 at 125-68. September Feeder cattle were up $1.30 at 140-30. September class III milk was up 6 cents at 19-25.

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

?