Wheat Market Ends the Week Strong

Wheat Market Ends the Week Strong

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

September Chicago wheat traded sharply higher into the close on Friday as the market continued to be concerned with the supply situation in the Black Sea. A slowdown in Black Sea exports could push more international demand to the US and Canadian markets causing prices to rise. From the floor of the CME Group, Jack Scoville shares his observations of Friday’s markets.

Scoville: “The grain market trading generally higher today. Corn really couldn’t join in the fun. Corn hurt by ideas that South American corn is making its way to United States, which is probably true. So that kept the corn market from getting really excited and being able to move to the upside. The wheat continued to move higher and also soybeans on weather concerns. Wheat with the weather concerns principly over in Russia and Ukraine. Some potential for Russia to at least limit export potential for their wheat after selling some wheat to Egypt earlier this week.”

Chicago September Wheat ended Friday up 12 and 3/4 cents at 8-74 and 1/2. September corn ended the day up 3/4 cents at 7-98 and 1/2.

Portland prices for soft white wheat and club wheat were up 5 to 10 cents at mostly 8-64. Hard Red Winter Wheat with 11.5 pct protein prices were up 13 cents at mostly 9-34. DNS wheat with 14 pct protein prices were up 6 to 8 cents at mostly 9-76. 

October live cattle ended Friday down 28 cents at 125-28. September Feeder cattle were down 68 cents at 142-20. September class III milk was down a nickel at 19-57.

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