Improved Export Sales Help Wheat Market

Improved Export Sales Helps Wheat Market

I’m KayDee Gilkey with the Market Line Report for March 15, 2013. ?
Wheat futures were supported by stronger-than-anticipated weekly export sales. The sharp pickup in export sales activity signals U.S. prices are a "value" buy despite recent sharp gains in the U.S. dollar. From the floor of the CME Group Virginia McGathey shares her observations of Thursday’s markets.

McGathey: “Corn is following wheat right now. Wheat was up about 15 cents today really getting a boost from export sales. Export have really high lately. This past report was big out just today so we got that going as well as the realization that they’ve been using wheat for feed. So it is really using up supplies that we had and has given the market a little bit of a boost.”

Chicago May Wheat ended Thursday up 14 and 3/4 cents at 7-24 and 3/4. May corn ended the day up 6 and 1/4 cents at 7-16 and 1/2.??

Portland prices for soft white wheat and club wheat were up 9 and 3/4 to 11 and 3/4 cents at mostly 8-84 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 15 to 20 cents at mostly 8-92 and 3/4. DNS wheat with 14 pct protein prices were up a half of a cent to 5 and 1/2 cents at mostly 9-52.

April live cattle were down Thursday 50 cents at 128-05. April Feeder cattle were down $1.17 and half cents at 141-55. April class III milk was up 16 cents at 17-16.