Slight Gain in Wheat Markets

Slight Gain in Wheat Market

I’m KayDee Gilkey with the Market Line Report for Nov. 21, 2012. ?
The worse than expected winter wheat crop condition ratings released Monday added a bullish bias to the market and the strong corn and soybean market fueled additional buying support. From the floor of the CME Group, Scott Shellady shares his observations of Tuesday’s markets.

Shellady: “Here from a kind of holiday sanguine market. We’ve really not seen a ton go on as far as the grain market goes. But you know there are some things we can’t ignore to talk about. We had some oil inventory expectations come out today through Bloomberg and some things said in the Middle East that made things look like it is going to get better faster or at least sooner and that caused the oil market take a dive off a cliff. But you know what we had our grain markets here in Chicago -- corn, wheat and beans -- hold in very well so we finished up across the board.”

Chicago December Wheat ended Tuesday up 3 and 1/4 cents at 8-45. December corn ended the day up 4 and 1/2 cents at 7-43 and 1/4.

Portland prices for soft white wheat and club wheat were steady to up 3 and 1/4 cents ranging between 8-65 and 8-70. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/2 cents at mostly 9-68 and 1/2. DNS wheat with 14 pct protein prices were up2 and 1/2 cents at mostly 10-03 and 3/4.

December live cattle were up Tuesday 45 cents at 127-05. January Feeder cattle were up a nickel at 146-05. November class III milk was up a penny at 20-71.