Wheat Market Enjoys Gains

Wheat Market Enjoy Gains
I’m KayDee Gilkey with the Market Line Report for Oct. 18, 2012. ?

Wheat futures enjoyed gains most of the day and rallied into the close Wednesday. The market gains were thanks to sharp weakness in the U.S. dollar index. The prospects of a tightening global wheat supply and hope that US export demand will pick up later this year could suggest a positive long term outlook to prices. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.

Wagner: “Well, an interesting and support day across the grain complex with corn, soybeans and wheat all closing higher. Maybe not in a dramatic fashion but posting gains which is kinda of an anomaly given the recent price action.”

Chicago December Wheat ended Wednesday up 8 and 1/2 cents at 8-56 and 1/4. December corn ended the day up 7 and 1/4 cents at 7-45 and 1/2.

Portland prices for soft white wheat and club wheat were up 5 to 8 and 1/2 cents at mostly 8-68 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 6 and 1/4 to 11 and 1/4 cents at mostly 9-61. DNS wheat with 14 pct protein prices were up 15 cents at mostly 10-12 and 1/2.

October live cattle were up Wednesday 58 cents at 126-13. October Feeder cattle were up 85 cents at 146-95. October class III milk was unchanged at 21-05.

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