Wheat Market Supported By Weather Concerns

Wheat Market Supported by Weather Concerns

I’m KayDee Gilkey with the Market Line Report for Oct. 9, 2012. ?

Wheat futures favored a firmer tone in light and choppy trade Monday and finished slightly higher. From the floor of the CME Group, Gary Kozlowski shares his observations of Monday’s markets.
Kozlowski: “We’re seeing now a lot more of the wheat as being used for feed. Wheat has been staying along with corn as far as moving up and down in the markets in a day to day basis for the most part. We are also looking at what France and Australia, they are pulling back on what they are going to be exporting because their yields aren’t that strong this year. And also Russia is a big question. What is going on with Russia? We keep getting a lot of conflicting reports on their yield. Are they going to export or keep it all in house? We’ll find out at the end of the week.

Chicago December Wheat ended Monday up 3 and 1/2 cents at 8-61. December corn ended the day down 6 cents at 7-42.

Portland prices for soft white wheat and club wheat were mixed down 10 cents to up 3 and 1/2 cents at mostly 8-59 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 cents at mostly 9-47 and 3/4. DNS wheat with 14 pct protein prices were up a nickel ranging between 9-84 and 1/2 and 10-09 and 1/2.

October live cattle were up Monday 30 cents at 123-35. October Feeder cattle were steady at 144-83. October class III milk was up 15 cents at 21-05.

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