Wheat Market Had Minor Support
Wheat Market Had Minor Support
I’m KayDee Gilkey with the Market Line Report for March 13, 2013. ?
Wheat markets traded mixed on the day Tuesday but saw minor support from a stronger corn market. From the floor of the CME Group Gary Kozlowski shares his observations of Tuesday’s markets.
Kozlowski: “The U.S. dollar is also pushing the corn price up because of its strength like it had in the beans and will do in the wheat. Let’s switch gears and go over to the wheat market right now, strong export data on this. Other countries are buying right now and with the strong export data, it equals high shipments and higher prices. So we are seeing the wheat was trading at 7-02 range last I’ve seen it. Japan and Bangledesh is coming in with new offers to buy some more wheat. So they are going to keep that price above $7 for the near future anyways."
Chicago May Wheat ended Tuesday up 3 and 1/2 cents at 7-03 and 1/2. May corn ended the day up 3 cents at 7-14 and 1/4.??Portland prices for soft white wheat and club wheat were unchanged to down 1 and 1/2 cents at mostly 8-67 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were down a penny at mostly 8-71 and 1/4. DNS wheat with 14 pct protein prices were down 2 and 1/2 cents at mostly 9-44 and 1/2.
April live cattle were up Tuesday 57 and half cents at 128-70. April Feeder cattle were up 82 and half cents at 142-20. April class III milk was down a nickel at 17-07.
