Hurricane Isaac Helps Grain Markets Rally

Hurricane Isaac Helps Grain Markets Rally

I'm KayDee Gilkey with the Market Line Report for August 30, 2012.?
Grains had a sharp rally on Wednesday on the effects from Hurricane Isaac. From the floor of the CME Group, Kevin Craney shares his observations of Wednesday’s markets.

Craney: “Grain markets trading higher here on the day after we’ve seen several profit taking days, actually four to five profit taking days. For wheat really with wheat we are looking at the Black Sea region. We have an important meeting from Russia on Friday we will be looking to see if there will be anything mentioned in curbs of exports from that region and how that may influence demand from the United States. We see wheat following corn up today, all three grain markets move higher ahead of the Labor Day holiday.
Chicago September Wheat ended Wednesday up 30 and 3/4 cents at 8-85 and 1/2. September corn ended the day up 20 and 3/4 cents at 8-10 and 1/4.
Portland prices for soft white wheat and club wheat were up 14 and 1/2 cents to 20 and 3/4 cents at mostly 8-80. Hard Red Winter Wheat with 11.5 pct protein prices were up 25 and a half cents to 28 and a half cents at mostly 9-50. DNS wheat with 14 pct protein prices were up 31 cents at mostly 9-98.

October live cattle ended Wednesday up $1.75 at 125-50. September Feeder cattle were up a dime at 143-70. September class III milk was up 30 cents at 19-36.

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