Wheat Market Up Slightly

Wheat Market Up Slightly

I’m KayDee Gilkey with the Market Line Report for Dec. 17, 2012. ?
Wheat futures managed modest corrective gains Firday, but finished the week sharply lower than last Friday's closing level. With weekly crop conditions ratings no longer being issued, focus is on demand. With USDA lowering its wheat export projection, market bulls may struggle to get back on their feet. From the floor of the CME Group, Frank Lesh shares his observations of Friday’s markets.

Lesh: “We had up markets across the board in here today. Wheat was up 3 cents, corn up about 10 cents and beans up about 18 cents. For the week, a bit of a different story. Wheat down about 45 cents here, corn down about 8 on the week and beans were up about 22 - 23 cents on the week.”

Chicago March Wheat ended Friday up 5 and 1/2 cents at 8-14. March corn ended the day up 10 and 1/2 cents at 7-30 and 3/4.

Portland prices for soft white wheat and club wheat were up 5 and 1/2 cents at mostly 8-46 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 1 and 1/2 cents at mostly 9-47 and 1/4. DNS wheat with 14 pct protein prices were up 3 and 1/4 cents at mostly 9-86.

February live cattle were up Friday$ 1.13 at 132-60. January Feeder cattle were down a nickel at 155-03. January class III milk was up 19 cents at 17-75.