Wheat Market Moves Higher

Wheat Market Moves Higher
I’m KayDee Gilkey with the Market Line Report for March 27, 2013. ?
Pre-report positioning dominated price action in the wheat market Tuesday as traders prepare for tomorrow’s Prospective Plantings and Quarterly Grain Stocks Reports. Given heavy price pressure through early this month, traders are lightening short positions ahead of the reports. From the floor of the CME Group, Charles Nedoss shares his observations of Tuesday’s markets.

Nedoss: “Grain traders are really beginning to position themselves for a key report that comes on Thursday. The report is going to contain perspective planting numbers as well as quarterly grain stock numbers which should be key to the next price direction. Keep your eyes open, the report will be out Thursday at 11 a.m. Central time and again that is the next big input we will see in these grain markets.”

Chicago May Wheat ended Tuesday up 4 and 1/4 cents at 7-31 and 1/2. May corn ended the day down 3 cents at 7-30 and 1/4.??Portland prices for soft white wheat and club wheat were unchanged at mostly 8-48 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 9 and 1/2 cents at mostly 9-08 and 1/2. DNS wheat with 14 pct protein prices were up 5 and 1/4 cents at mostly 9-55 and 1/2. ??April live cattle were down Tuesday 50 cents at 125-95. April Feeder cattle were up 20 cents at 138-60. April class III milk was up 6 cents at 17-42.