Firmer Tone and a Bit Higher Wheat Market

Firmer Tone and A Bit Higher Wheat Market

I’m KayDee Gilkey with the Market Line Report for Jan 8, 2013. ?
KC and Chicago wheat markets trade higher early in the session Monday but saw pressure the second half of the day despite a strong performance by the corn and soybean markets and a lower US Dollar. From the floor of the CME Group, Kevin Craney shares his observations of Monday’s markets.

Craney: “One thing we are going to be watching at the end of the week is the grain report that is coming out. It certainly has always been a big mover for grain markets here this January number. So I think markets will certainly be treading water a little bit for the reminder of this week until we get this number. Livestock market was moderately lower on the day. Very supportive to the livestock market at the moment - we’ve started to see things trading sideways in feeder cattle and live cattle both.”

Chicago March Wheat ended Monday up 4 cents at 7-51 and 1/4. March corn ended the day up 5 and 1/4 cents at 6-85 and 1/2.

Portland prices for soft white wheat and club wheat were up 4 to 7 and 3/4 cents at mostly 8-36 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 cents at mostly 9-00 and 1/2. DNS wheat with 14 pct protein prices were up 5 and 1/2 cents at mostly 9-36 and 1/2.

February live cattle were up Monday a nickel at 133-even. March Feeder cattle were down 22 and 1/2 cents at 156-10. February class III milk was down 36 cents at 18-04.