USDA's Reports Slightly Bullish for Wheat Market

USDA’s Reports Slightly Bullish For Wheat Market

I’m KayDee Gilkey with the Market Line Report for Jan 14, 2013.

KC and Chicago wheat traded higher on Friday after the USDA report was considered slightly bullish against trade expectations. From the floor of the CME Group, Todd Horwitz shares his observations of Friday’s markets.

Horwitz: “Friday’s close in the grain markets, corn and wheat much higher, beans lower. Interesting the crop report came out, the final for 2012 and it showed that there was more damage than we originally thought and we got a little pop in corn and in wheat. Now if we look at the overall picture, the charts and the trends and the technicals of all the grain markets, show us that we are now in a downtrend and every opportunity is really just a rally -- an opportunity to sell and get short these markets.”

Chicago March Wheat ended Friday up 10 and 1/4 cents at 7-54 and 3/4. March corn ended the day up a dime at 7-09 and 1/2.

Portland prices for soft white wheat and club wheat were mixed down 3 cents to up a half of a cent at mostly 8-36 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 10 and 1/2 cents at mostly 9-02. DNS wheat with 14 pct protein prices were up 6 cents at mostly 9-33 and 1/4.??

February live cattle were down Friday 95 cents at 130-60. March Feeder cattle were down $1.47 and 1/2 at 151-45. February class III milk was down 14 cents at 17-61.