Wheat Market Slightly Up

Wheat Market Slightly Up

I’m KayDee Gilkey with the Market Line Report for March 12, 2013. ?
Wheat futures saw two-sided trade Monday but bulls held the upper hand for most of the daytime hours and into the close. Favorable rainfall was seen in the western plains over the weekend and shifted into the eastern Corn Belt to start the week which should help top soil moisture profiles. Widespread domestic feed wheat usage and signs of an improving export demand outlook to end the marketing year could help support basis levels and calendar spreads. From the floor of the CME Group Greg Wagner shares his observations of Monday’s markets.

Wagner: “It looks like we start the week in the grain markets with pluses across the board. You are looking at positive gains in corn, soybeans, and wheat as well as the product.”

Chicago May Wheat ended Monday up 3 cents at 7-00even. May corn ended the day up 7 and 3/4 cents at 7-11 and 1/4.??Portland prices for soft white wheat and club wheat were up 3 to 12 cents at mostly 8-65 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 cents at mostly 8-72 and 1/4. DNS wheat with 14 pct protein prices were up 2 cents at mostly 9-47. ??April live cattle were up Monday 57 and half cents at 128-12 and half. April Feeder cattle were up 2 and half cents at 141-37 and half. April class III milk was down 8 cents at 17-12.