Wheat Market Up Again

Wheat Market Up Again
I’m KayDee Gilkey with the Market Line Report for Nov. 9, 2012. ?
December Chicago wheat closed higher for its 4th straight session and finally broke above the $9.00 level on Thursday. Positive technical signals along with surging European wheat markets continue to offer support to the bull camp. Additional support was linked to a sharp increase in open interest after Wednesday's move higher which suggests a bullish tilt to the market. Traders remain hopeful that export interest will begin to pick up in 2013 due to a tightening global supply outlook. From the floor of the CME Group, Charles Nedoss shares his observations of Thursday’s markets.

Nedoss: “Tomorrow’s 7:30 USDA report will be key for the grain markets in the week to come.”

Chicago December Wheat ended Thursday up 8 and 1/2 cents at 9-02 and 1/2. December corn ended the day down 3 cents at 7-41 and 1/4.

Portland prices for soft white wheat and club wheat were steady to up 8 and 1/2 cents at mostly 9-03 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 5 and 1/2 cents at mostly 10-20. DNS wheat with 14 pct protein prices were mixed down a penny to 1 cent at mostly 10-44 and 3/4.

Good news for ranchers who are here at the Washington Cattlemen’s Convention in Cle Elum. December live cattle were up Thursday 48 cents at 125-43. November Feeder cattle were up 30 cents at 144-50. November class III milk was up 14 cents at 20-90.