Wheat Market Closes Higher on Friday

Wheat Market Closes Higher on Friday

I’m KayDee Gilkey with the Market Line Report for Sept. 24, 2012. ?

Wheat futures were the upside leader Friday and nearby contracts ended with gains in the teens at all three locations. Outside markets have also aided the wheat rally with the US dollar trading lower and stocks higher on the day. This week, attention will be on Friday's Small Grains Summary, in which USDA will set final 2012 wheat production estimates. From the floor of the CME Group, Joe Vaclavik gives his observations of Friday’s markets.

Vaclavik: “Grain markets finished the day mostly higher on Friday. Soybeans were under pressure most of the day but did rally back late to finish just a little bit higher. Decs corn settling just under the $7-50 mark here on option expiration today.”

Chicago December Wheat ended Friday up 17 and 3/4 cents at 8-97 and 1/4. December corn ended the day up 2 and 1/4 cents at 7-48 and 1/4.

Portland prices for soft white wheat and club wheat were mixed from down 2 and 3/4 to up 10 and half cents at mostly 8-84. Hard Red Winter Wheat with 11.5 pct protein prices were up 16 and 3/4 cents at mostly 9-66 and 1/4. DNS wheat with 14 pct protein prices were up 17 and 1/4 cents at 10-07 and 3/4.

October live cattle were down Friday 23 cents at 125-53. October Feeder cattle were up 50 cents at 147-23. October class III milk was down 7 cents at 20-21.

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