Wheat Closes Higher

Wheat Closes Higher

I’m KayDee Gilkey with the Market Line Report for March 21, 2013. ?
Much of the strength in wheat futures Wednesday was tied to pressure on the U.S. dollar, which encourage short-covering in wheat. Hopes for improved demand for U.S. wheat were also supportive. From the floor of the CME Group Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “The grain markets here in Chicago were higher across the board today. We were led by nearby wheat contracts which had double digit gains. Wheat has been under pressure as of late. It’s actually very, very cheap historically relative to both corn and soybeans in nearby contracts. It seems as if wheat demand is picking up a little bit. We’ve seen exports pick up, we’re seeing some ethanol plants in the U.S. bid for wheat. We’re also seeing some wheat feeding in the livestock sector. So it seems that wheat market may have bottomed out here in the near term.”

Chicago May Wheat ended Wednesday up 14 cents at 7-36. May corn ended the day up 4 cents at 7-32 and 1/2.??P

Portland prices for soft white wheat and club wheat were up 5 to 14 cents at mostly 8-52. Hard Red Winter Wheat with 11.5 pct protein prices were up 14 and 1/2 cents at mostly 9-06 and 1/4. DNS wheat with 14 pct protein prices were up 10 and 3/4 cents at mostly 9-58 and 1/2. ??

April live cattle were up Wednesday 75 cents at 126-05. April Feeder cattle were down 72 and half cents at 137-65. April class III milk was up 7 cents at 17-57.