Wheat Market Again Led All Grain Markets

Wheat Market Again Led All Grain Markets

I’m KayDee Gilkey with the Market Line Report for Sept. 10, 2012.
December Chicago wheat traded sharply higher on the day Friday and closed near the high end of the daily range. Spillover buying from yesterday's explosive trade offered support, along with a sharply lower US Dollar. Unfavorable weather in Australia and Argentina were also supporting factors to finish the week. Some traders believe that the recent slide in Black Sea production, along with an expected slowdown in their export sales pace, could mean better demand for US wheat in the second half of the crop year.

Chicago September Wheat ended Friday up 12 and 3/4 cents at 8-84 and 3/4. September corn ended the day down and 2 and 1/4 cents at 7-95.

Portland prices for soft white wheat and club wheat were steady to up a dime at mostly 8-84. Hard Red Winter Wheat with 11.5 pct protein prices were up 11 to 16 cents at mostly 9-59. DNS wheat with 14 pct protein prices were up 8 and 1/2 cents at mostly 10-04.

The cattle market inched higher in quiet trade early in the session Friday with a small range and pushed slightly lower on the day into the mid-session. October live cattle were up 43 cents at 126-48. September Feeder cattle were down 33 cents at 144-20. September class III milk was down a penny at 18-85.

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