Wheat Market Has Modest Gains

Wheat Market Has Modest Gains

I’m KayDee Gilkey with the Market Line Report for Dec. 31, 2012. ?

Friday morning's export sales report was considered highly supportive but the reaction was rather subdued due to light holiday trade volume. From the floor of the CME Group, Gary Kozlowski shares his observations of Friday’s markets.

Kozlowski: “I think wheat is going to be a little scary. I think wheat is going to run the strongest. The reason for that is we’ve got extremely cold weather in Kansas City and Oklahoma right now. There is a major concern about the crop that is in the ground right now that is dormant. They are afraid there might be some kill. Also Russia having the same situation, they’ve got extremely cold weather. They are worried about their winter wheat crop. What that could do, is that could bring wheat back up above that 8 and continue to run up 8-25 probably by next week’s end.”

Chicago March Wheat ended Friday up 6 and 1/2 cents at 7-78 and 3/4. March corn ended the day up 2 and 1/2 cents at 6-94.

Portland prices for soft white wheat and club wheat were up 2 and 3/4 to 9 and 3/4 cents at mostly 8-48 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 and 3/4 cents at mostly 9-17. DNS wheat with 14 pct protein prices were up 3 cents at mostly 9-53 and 3/4.

February live cattle were up Friday 52 and 1/2 cents at 133-57 and 1/2. March Feeder cattle were up 97 and 1/2 cents at 154-72 and 1/2. February class III milk was up 18 cents at 18-54.