Slightly Higher Wheat Market

 Slightly Higher Wheat Market

I’m KayDee Gilkey with the Market Line Report for Nov. 27, 2012. ?
Outside markets were negative throughout the day Monday with the US Dollar trading higher and stocks lower which kept gains limited in the Chicago wheat market. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “Higher closes across the board today in the grain markets. Led by the wheat, Kansas City Wheat contract was up by 6 or 7 cents. You know we have some major, major weather issues down in the plains -- Kansas, Oklahoma, parts of Texas and Nebraska have been very, very dry all summer, essentially no relief from the big drought. So the wheat is off to a very bad start, we expect another decline in crop ratings this afternoon. Lot of people getting a little friendly with this wheat market, despite very bearish technical action.

Chicago December Wheat ended Monday up 1 and 1/4 cents at 8-49 and a 1/4. December corn ended the day up 1 and 3/4 cents at 7-47 and 1/4.

Portland prices for soft white wheat and club wheat were up 4 and 3/4 to 8 3/4 cents ranging between 8-70 and 8-79. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 and 1/2 to 18 and 1/2 cents at mostly 9-79 and 3/4. DNS wheat with 14 pct protein prices were down 4 to 10 cents at mostly 9-98.

December live cattle were down Monday 55 cents at 128-40. January Feeder cattle were down 53 and half cents at 147-32 and a half. December class III milk was down 13 cents at 19-08.