Wheat Market Moves Up Slightly

Wheat Market Moves Up Slightly

Wheat Market Moves Up Slightly

I’m KayDee Gilkey with the Market Line Report for Dec. 19, 2012. ?
Traders noted significant strength in the March Chicago wheat vs. March corn spread and Kansas City wheat lost some ground to Chicago on a better weather forecast for the westerns plains this week. From the floor of the CME Group, Greg Wagner shares his observations of Tuesday’s markets.

Wagner: “The wheat market was able to squeak out some gains today. Those gains are coming on the heels of some spreading. And I think that is really what is going on. And the fact that prices now -- kinda of drop that we’ve had over the last five or six days here, we’ve put this wheat market -- now the U.S. market is competitive on the world export stage.”

Chicago March Wheat ended Tuesday up 3 and 1/4 cents at 8-11 and 1/4. March corn ended the day down 4 cents at 7-20.

Portland prices for soft white wheat and club wheat were up 8 and 1/4 to 13 and 1/4 cents at mostly 8-56 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 and 1/4 to 5 and 1/4 cents at mostly 9-44 and 1/2. DNS wheat with 14 pct protein prices were up a nickel at mostly 9-83 and 1/4.

February live cattle were down Tuesday 55 cents at 132-95. January Feeder cattle were down $2.05 at 152-20. January class III milk was up 25 cents at 18-06.


 

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