Wheat Market Had Steady Support

Wheat Market Has Steady Support

I’m KayDee Gilkey with the Market Line Report for March 14, 2013. ?
Wheat futures were supported by corrective buying and signs of increased demand. That allowed wheat futures to firm in the face of strong pressure from corn and the U.S. dollar. From the floor of the CME Group Charles Nedoss shares his observations of Wednesday’s markets.

Nedoss: “Wheat was the only grain that had a steady bid throughout the day.Really a close above 7-03 could prompt some more further short-covering. $7-03 represents the 10-day moving average and this would be the first close above it in a month or so. That would be construed as a technically friendly here. Looking forward to tomorrow we do get the next big input into the market which is the Export Sales Report.”

Chicago May Wheat ended Wednesday up 6 and 1/2 cents at 7-10. May corn ended the day down 4 cents at 7-10 and 1/4.??Portland prices for soft white wheat and club wheat were up 3 to 11 and 1/2 cents at mostly 8-76. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 and 1/2 to 7 and 1/2 cents at mostly 8-75 and 3/4. DNS wheat with 14 pct protein prices were up 4 cents at mostly 9-48 and 1/2 ??April live cattle were down Wednesday 15 cents at 128-55. April Feeder cattle were up 52 and half cents at 142-72 and half. April class III milk was down 7 cents at 17 even.