Wheat Market Up Again

Wheat Market Up Again

I’m KayDee Gilkey with the Market Line Report for March 1, 2013. ?
Wheat futures traded double-digit higher for much of the morning Thursday, but the market backed well off these levels after midday to end several cents higher in Chicago.The U.S. dollar index continued its rally while the Dow closed in on its all-time high. From the floor of the CME Group Charles Nedoss shares his observations of Thursday’s markets.
Nedoss: “Wheat also did bounce today after multi-week or multi-month lows and there are some thoughts again there that the low price of wheat trading in the $7 area should start to stimulate some demand here. A stronger dollar though has choked off some of that demand, again if you see the dollar pull back from some of the lofty levels that is out next week you could see some business turn to U.S. origin.”

Chicago May Wheat ended Thursday up 2 and 1/2 cents at 7-14 and 1/2. May corn ended the day up 8 and 1/4 cents at 7-03 and 1/2.??Portland prices for soft white wheat and club wheat were up 1 and 1/2 to 5 cents at mostly 8-63 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up a dime at mostly 8-74 and 3/4. DNS wheat with 14 pct protein prices were up 5 and 1/4 to 24 and 1/4 cents at mostly 9-36 and 3/4. ??April live cattle were down Thursday 2 and half cents at 129-85. April Feeder cattle were up 55 cents at 144-92 and half. April class III milk was up 9 cents at 17-19.