Wheat Market Traded Higher

Wheat Market Traded Higher

I’m KayDee Gilkey with the Market Line Report for Jan 28, 2013. ?
KC and Chicago wheat traded higher on the day after reporting positive export sales data Friday morning. The uptick in sales is seen as a sign that demand is picking up and the drought conditions in the western plains helped boost the bullish sentiment throughout the session.

From the floor of the CME Group, Scott Shellady shares his observations of Friday’s markets.
Shellady: “Well, the grain market was kind of was like we were all week just kind of mixed. Corn down a little bit, wheat and beans up depending on what time of day. But it wasn’t any too far from home and I think that is indicative of what the market is telling us right now -- it just doesn’t know. We had that USDA report. That was fairly significant as it said that the stocks were tight, however now we are wait and see if there is other news to make this market do something different than it has done since -- I don’t know -- last September.”

Chicago March Wheat ended Friday up 8 cents at 7-76 and 1/2. March corn ended the day down 3 and 1/2 cents at 7-20 and 3/4.??Portland prices for soft white wheat and club wheat were steady to up 8 cents at mostly 8-67 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 cents at mostly 9-28 and 1/2. DNS wheat with 14 pct protein prices were up 9 and 1/2 cents at mostly 9-59.??

April live cattle were up Friday 40 cents at 130-75. March Feeder cattle were unchanged at 147-95. March class III milk was up 9 cents at 16-95.