Wheat Market Choppy But Ends Higher

Wheat Market Choppy But Ends Higher

I’m KayDee Gilkey with the Market Line Report for Jan 29, 2013. ?
KC and Chicago wheat traded higher on the day after the release of upbeat export demand numbers Monday morning. From the floor of the CME Group, Frank Lesh shares his observations of Monday’s markets.

Lesh: “Russian grain stocks right now down about 30 percent from last year -- a big hit. That of course due to drought over there in the Black Sea area and in Russia. Russia is now stating that they are going to export 13 million metric tons this year. That is down from 27 million metric tons last year.”

Chicago March Wheat ended Monday up 2 and 3/4 cents at 7-79 and 1/4. March corn ended the day up 8 and 1/2 cents at 7-29 and 1/4.??Portland prices for soft white wheat and club wheat were steady to up 2 and 3/4 cents at mostly 8-69 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 3 and 1/4 cents at mostly 9-31 and 3/4. DNS wheat with 14 pct protein prices were up 1 and 1/2 cents at mostly 9-60 and 1/2.

February and April cattle closed sharply higher on the session and held on to most of the early strong gains. Friday’s bullish USDA Cattle-on-Feed report was enough to spark significant new buying and short-covering. ??April live cattle were up Monday $2.65 at 133-40. March Feeder cattle were up $1.95 at 149-90. March class III milk was down 8 cents at 16-87.