Supportive Tone in Thursday's Wheat Market

Supportive Tone in Thursday’s Wheat Market

I’m KayDee Gilkey with the Market Line Report for Sept. 14, 2012. ?
Thoughts that international demand for wheat is beginning to pick up and a sharply lower US Dollar added to the supportive tone on Thursday. Dry conditions in Australia were also a supportive feature in the wheat market. From the floor of the CME Group, Gary Kozlowski gives his observations of Thursday’s markets.?

Kozlowski: “Now if we look at the wheat market, wheat is doing okay here in the U.S. but if you look overseas in the Ukraine and Russia not looking too good. In fact, the USDA probably did come in with the right numbers for a change and diminished the size of the production of crop for the season. What is going to happen there is that Russia isn’t going to be exporting any. It is going to bring a premium price into the U.S. crop.”

Chicago September Wheat ended Thursday up 12 cents at 8-79. September corn ended the day up 5 and 3/4 cents at 7-76 and 3/4.

Portland prices for soft white wheat and club wheat were up a nickel at mostly 8-85. Hard Red Winter Wheat with 11.5 pct protein prices were up 10 and a quarter at mostly 9-63 and three-quarters. DNS wheat with 14 pct protein prices were up 11 to 21 cents ranging between 10-12 to 10-22 and half.

October live cattle were down Thursday 15 cents at 127-55. September Feeder cattle were up a nickel at 145 even. September class III milk was up 7 cents at 18-88.

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