Bullish USDA Report Boosts Grain Markets

Bullish USDA Report Boosts Grain Markets
I’m KayDee Gilkey with the Market Line Report for Oct. 12, 2012. ?

Grains were off and running on Thursday and didn’t look back as USDA released its Supply and Demand reports with corn, soybeans and wheat all posting sharp gains. USDA trimmed 2012-13 wheat carryover from September to 654 million bu., which was 27 million bu. less than expected. From the floor of the CME Group, Frank Lesh shares his observations of Thursday’s markets.

Lesh: “Thursday’s trade in here at the CME Group, a bullish report this morning from USDA. Wheat up 16 cents higher closing at about 8-86 in here. Again a report day and we usually make some important highs or lows on these report days. But maybe not so much with this later season report here of October.”

Chicago December Wheat ended Thursday up 16 and 1/4 cents at 8-86. December corn ended the day up 36 and 1/2 cents at 7-73 and 1/4.

Portland prices for soft white wheat and club wheat were up 16 and 1/4 cents at mostly 8-94 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 20 and 1/2 to 30 and 1/2 cents at mostly 9-81. DNS wheat with 14 pct protein prices were up 13 to 18 cents at mostly 10-19 and 3/4.

October live cattle were down Thursday 33 cents at 124-60. October Feeder cattle were down $1.98 at 142-75. October class III milk was up 7 cents at 21-12.

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