Wheat Market Sharply Higher
Wheat Market Sharply Higher
I’m Greg Martin with the Market Line Report for Nov. 8 2012. ?
Grains started the pit session weaker, but very quickly exploded to the plus side led by Chicago wheat. Corn was able to finish modestly higher. Live cattle futures closed moderately lower and feeder contracts were significantly lower. Lean hog futures closed triple-digits higher.
From the floor of the CME Group, Virginia McGathey shares her observations of Wednesday’s markets. 14 SECONDS
McGathey:Wheat on the other hand is a little bit stronger based on worries of the supply, the tight supply around the world in wheat is really starting to get a little strangle hold and it has traders somewhat nervous, there’s a little bit of a boost.
Chicago December Wheat ended Wednesday up 17 cents at 8-94. December corn ended the day up 3 and 1/4 cents at 7-44 and 1/4.
Portland prices for soft white wheat and club wheat were up 3 to 9 cents at mostly 8-99 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 12 cents at mostly 10-14 and 1/2. DNS wheat with 14 pct protein prices were up 10 and 3/4 to 11 and 3/4 cents at mostly 10-45 and 3/4.
December live cattle were down Wednesday 73 cents at 124-95. November Feeder cattle were down 65 cents at 144-20. November class III milk was down 51 cents at 20-76.
