Wheat Market Has Double Digit Gains

Wheat Market Has Double Digit Gains
I’m KayDee Gilkey with the Market Line Report for Oct. 25, 2012. ?

Wheat futures benefited from improved outside markets Wednesday compared with the previous day’s broad risk aversion thanks to a reminder of tightening wheat stocks. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.

Wagner: “We had fundamental news come into today as far as wheat Ukraine announced officially that is banning oversea exports beginning November 15th. It is interesting that the trade was already aware of this. They are already kinda projected this was going to happen so the official announcement came as -- instead of the old adage, ‘Buy the rumor, sell the fact.’ It seemed to be ‘Buy the rumor, buy the fact.’ And that is kind of interesting price response with double digit gains in the wheat market.”

Chicago December Wheat ended Wednesday up 15 and 1/4 cents at 8-84. December corn ended the day down 1 and 1/2 cents at 7-54 and 1/2.

Portland prices for soft white wheat and club wheat were up 1 and 1/4 to 15 cents at mostly 8-88. Hard Red Winter Wheat with 11.5 pct protein prices were up 13 and 1/2 cents at mostly 9-98 and 1/4. DNS wheat with 14 pct protein prices were up 5 to 13 cents at mostly 10-44.

October live cattle were up Wednesday 20 cents at 126-20. October Feeder cattle were unchanged at 145-43. October class III milk was steady at 21-04.

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