Modest Gains for Wheat Market

Modest Gains For Wheat Market
I’m KayDee Gilkey with the Market Line Report for Oct. 22, 2012. ?

December Chicago wheat ended Friday with modest gains but well off the session highs that were put in place early in the morning.  The Stock Market fell sharply as the dollar strengthened, crude oil had sharp losses as did precious metals. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “Turning over to wheat right now, Ukraine is talking about a potential ban on wheat exports that ignited this push up higher this week in the wheat market here. Not announced as of yet, but that this is possible forthcoming here in the beginning of November -- we’ll keep an eye on that. China was out there this week buying Canadian wheat.”

Chicago December Wheat ended Friday up 4 cents at 8-72 and 1/2. December corn ended the day up 3/4 cents at 7-61 and 1/2.

Portland prices for soft white wheat and club wheat were mixed down 2 and 1/2 to up 1 and 1/2 at mostly 8-86 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 and 1/4 to 8 and 1/4 cents at mostly 9-80. DNS wheat with 14 pct protein prices were down 1 and 1/2 to 2 and 1/2 at mostly 10-20 and 1/2.

October live cattle were up Friday 8 cents at 126-30. October Feeder cattle were down 70 cents at 146-15. October class III milk was unchanged at 21-04.

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