Wheat Market Manages to Hold Slight Gains

Wheat Market Manages to Hold Slight Gains
I’m KayDee Gilkey with the Market Line Report for Nov.2, 2012. ?

The market jumped higher into the mid-session on Thursday as traders seemed to react to news that only 40% of the freshly planted winter wheat crop was in good to excellent condition which is the lowest since at least 1986 and compares with the 20-year average of 61%. From the floor of the CME Group, Kevin Craney shares his observations of Thursday’s markets.

Craney: “Grain Markets rallying on the day here, really looking at weather in South America not conducive to planting just yet. Think that lending some strength to grain markets on the day.”

Chicago December Wheat ended Thursday up 4 cents at 8-68 and 1/2. December corn ended the day down 4 and 3/4 cents at 7-51.

Portland prices for soft white wheat and club wheat were up 1/2 of a cent to 3 and 1/2 cents at mostly 8-81 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 and 1/2 cents at mostly 9-93 and 1/2. DNS wheat with 14 pct protein prices were up 1 and 1/4 to 2 and 1/4 cents at mostly 10-30 and 1/4.

December live cattle were down Thursday 60 cents at 125-33. November Feeder cattle were down $1.65 at 144-65. November class III milk was up 4 cents at 21-10.

A shout out to Leadership Idaho Agriculture’s Class 33 who just finished their first seminar in Moscow yesterday.