Wheat Market Higher on Buying Support

Wheat Market Higher on Buying Support

I’m KayDee Gilkey with the Market Line Report for Feb. 7, 2013. ?
KC and Chicago wheat traded lower early in the session Wednesday but found some buying support late in the day on rumors a fair amount export business may have been done with non-traditional customers. While at the Spokane Ag Expo and Farm Forum I asked MK Commodities President Mike Krueger to give an overview of Wednesday’s markets.
Krueger: “Well it was a mixed trade, wheat closed higher and row crops lower. No big thing, more wiggling around about changing around about South American weather forecast. Today we heard that Russia indeed cut its import duty. There is a rumor that they might of bought a cargo of Soft Red. So wheat rallied a little bit. There have been a lot of the speculative crowd selling wheat against corn and bean longs which kind of corrected today without anything very tangible going on.”
Chicago March Wheat ended Wednesday up 4 cents at 7-61 and 1/2. March corn ended the day down 6 and 1/2 cents at 7-22 and 1/2.??Portland prices for soft white wheat and club wheat were steady to up 9 cents at mostly 8-65 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 and 1/2 cents at mostly 9-17 and 3/4. DNS wheat with 14 pct protein prices were up 3 cents at mostly 9-46 and 3/4. ??April live cattle were down Wednesday 85 cents at 131-45. March Feeder cattle were down 97 and half cents at 147-55. March class III milk was up 39 cents at 17-38.