Wheat Market Edged Higher

Wheat Market Edged Higher

I’m KayDee Gilkey with the Market Line Report for Feb. 21, 2013. ?
Wheat followed corn and beans higher as export demand added buying support. From the floor of the CME Group, Greg Wagner shares his observations of Wednesday’s markets.?
Wagner: “The biggest demand item in wheat of course is exports and that is what’s really hurting this market right now. Obviously everyone is talking about India and India is feeding southeast Asia in particular wheat. So taking some of our traditional markets away from us. But wheat could be a sleeper. It could take some time for these things to develop as far as corn and wheat goes but ultimately stocks in corn in particular are very tight. And I would not be surprised to see some rally of substance commence.”
Chicago March Wheat ended Wednesday up 6 and 1/4 cents at 7-38 and 1/2. March corn ended the day up 5 and 1/4 cents at 7-00 and 1/2.??Portland prices for soft white wheat and club wheat were steady to up 6 and 1/4 cents at mostly 8-68 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 and 1/4 cents at mostly 8-95 and 1/4. DNS wheat with 14 pct protein prices were up a nickel at mostly 9-33 and 3/4. ??April live cattle were down Wednesday $1.32 and half at 128-22 and half. March Feeder cattle were down $2.45 at 140-72 and half. March class III milk was down 20 cents at 17-05.