Wheat Market Mostly Higher

 Wheat Market Mostly Higher

I’m KayDee Gilkey with the Market Line Report for March 6, 2013. ?
Wheat futures favored a firmer tone throughout the day on spillover from strength in the corn and soybean markets, but gains were limited by the lack of fresh demand news.  From the floor of the CME Group Greg Wagner shares his observations of Tuesday’s markets.

Wagner: “The corn market hasn’t performed as well. Flat prices looking at the board versus what’s going in the country. You have strong basis levels. Some ideas that rationing is going on there. Also the idea of what maybe weighing on corn look at the price of wheat versus price of corn. Throw in the cash of basis levels of corn. Corn in the country is even higher than it is on the boards here for the most part. So you getting wheat being put into feed rations which is taking away from corn and increasing demand for wheat.”

Chicago May Wheat ended Tuesday up 3 and 1/2 cents at 7-06. May corn ended the day up 5 and 3/4 cents at 7-09.??Portland prices for soft white wheat and club wheat were up 8 to 8 and 1/2 cents at mostly 8-60. Hard Red Winter Wheat with 11.5 pct protein prices were up 7 to 12 cents at mostly 8-70. DNS wheat with 14 pct protein prices were up 3 and 1/2 cents at mostly 9-35 and 34.

April live cattle were down Tuesday 72 and half cents at 129-62 and half. April Feeder cattle were down $1.12 and half at 143-60. April class III milk was up 18 cents at 17-36.