Wheat Market Has Slight Gains

Wheat Market Has Slight Gains

I’m KayDee Gilkey with the Market Line Report for Oct. 11, 2012. ?
Wheat had modest gains on tightening supplies and global production concerns. Outside markets for the most part were negative as US stocks were lower, crude oil also closed lower and the dollar slightly higher. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “The grain markets were mixed today. The USDA will release their October Crop Production Reports tomorrow morning 7:30 a.m. here Chicago time. Go through some of the numbers here real briefly. As far as the total carryout numbers go, these are the ones that really matter. You add up the supply and you add up the demand this is what we are left over with. Wheat carryout is expect at 6.30 and 6.98 was the number on the last report. Some increased feeding of wheat is the main culprit there.”

Chicago December Wheat ended Wednesday up 5 and 1/2 cents at 8-69 and 3/4. December corn ended the day down 5 and 1/4 cents at 7-36 and 3/4.

Portland prices for soft white wheat and club wheat were up 4 and 3/4 to 5 and 1/2 cents at mostly 8-79. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 and 3/4 cents at mostly 9-62 and 1/2. DNS wheat with 14 pct protein prices were up 5 and 3/4 cents at mostly 10-02 and 3/4.
October live cattle were up Wednesday 23 cents at 124-93. October Feeder cattle were up 3 cents at 144-73. October class III milk was up 4 cents at 21-05.

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