Grain Markets Surge Higher

Grain Markets Surge Higher

I'm KayDee Gilkey with the Market Line Report for August 22, 2012.?

September Chicago Wheat traded sharply higher into the close Tuesday and posted a new high. The sharply higher trade was linked to a strong corn market and concern over the long term export potential for the Black Sea. From the floor of the CME Group, Kevin Craney shares his observations of Tuesday’s markets.

Craney: “Grains trading higher on the day certainly breaking out of the consolidation range that we have seen the past couple of weeks. As we look at the wheat market, we continue to see upside movement on wheat really following corn here. But eyes more on the Black Sea wheat market as we continue to watch Russia and the Ukraine and certainly the output for their wheat.”
Chicago September Wheat ended Tuesday up 21 cents at 9-00 and 1/2. September corn ended the day up 16 cents at 8-31 and 1/4.
Portland prices for soft white wheat and club wheat were up 20 to 25 cents at mostly 8-93. Hard Red Winter Wheat with 11.5 pct protein prices were up 17 to 27 cents at mostly 9-58. DNS wheat with 14 pct protein prices were up 14 to 16 cents at mostly 9-94.

October live cattle ended Tuesday down 85 cents at 124-63. September Feeder cattle were down $ 1.68 at 141-13. September class III milk was up 11 cents at 19-16.

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