Marginal Gain in Wheat Market

Marginal Gain in Wheat Market

I’m KayDee Gilkey with the Market Line Report for Nov. 20, 2012. ?
Strength in wheat market was linked to a significant rally in the corn and soybean market on Monday. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “US Coast Guard believes that the Mississippi River is going to stay open but that traffic may be slowed and capacity on barges may be cut in half. River levels are very low and making things very difficult. It can affect everything from basis levels to export sales, to fertilizer to seed avialability really causing some problems there. We had the Cattle On Feed Report out on Friday which was seen as being mostly neutral for the livestock markets. Cattle was up across the board today. We do have a holiday week, we are off Thursday for Thanksgiving and half day on Friday.”

Chicago December Wheat ended Monday up 3 and 3/4 cents at 8-41 and 3/4. December corn ended the day up 11 and 3/4 cents at 7-38 and 3/4.

Portland prices for soft white wheat and club wheat were up 3 and 3/4 to 8 cents ranging between 8-65 and 8-66 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were steady at mostly 9-67. DNS wheat with 14 pct protein prices were up a 1/4 of a cent at mostly 10-01 and a 1/4.

December live cattle were up Monday 45 cents at 126-60. January Feeder cattle were up 40 cents at 146 even. November class III milk was down 4 cents at 20-70.