Wheat Market Had Strong Performance for the Week

Wheat Market Had Strong Performance For the Week
I’m KayDee Gilkey with the Market Line Report for Sept. 17, 2012. ?
Wheat futures finished near weekly highs on Friday after price pressure earlier in the week. Much of the late-week strength came courtesy of heavy pressure on the U.S. dollar. From the floor of the CME Group, Frank Lesh gives his observations of Friday’s markets.?
Lesh: “The story line today is all about the wheat market. USDA right now expects world wheat production to be down 5 percent. Also we’re looking at problems in Russia. There are talks that their wheat exports are going to be off about 60 percent this current year. We know they are experiencing the worst drought in 50 years -- sounds like someone else close to home right now. Russia export bans possibly expected there or at least a duty on exports.”
Chicago December Wheat ended Friday up 22 and 1/4 cents at 9-24 and 1/4. December corn ended the day up 8 and 1/4 cents at 7-82.
Portland prices for soft white wheat and club wheat were up 20 to 35 cents at mostly 9-12 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 20 to 30 and 1/4 at mostly 9-88 and three-quarters. DNS wheat with 14 pct protein prices were up 5 and 1/2 to 15 and 1/2 cents at mostly 10-28.
October live cattle were down Friday 50 cents at 127-05. October Feeder cattle were down 40 cents at 146-63. October class III milk was up 43 cents at 19-97.

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