Wheat Market Ends Higher

Wheat Market Ends Higher
I’m KayDee Gilkey with the Market Line Report for April 3, 2013. ?

All three wheat exchanges ended higher Tuesday. Wheat futures were primarily supported by short-covering amid ideas sharp price pressure the past two sessions was overdone. From the floor of the CME Group, Virginia McGathey shares her observations of Tuesday’s markets.

McCathey: “Today finally in the grains, the market slowed down its collapse. For two straight days we saw corn have a 7 percent drop in the market. That’s the biggest drop that we’ve had in three years at least. Right now the markets finally settled down, it still tried to go lower, along with the wheat. But there has been some buying coming back. It is really starting to indicate that there is a little bit of an oversold situation here.”

Chicago May Wheat ended Tuesday up 6 and 3/4 cents at 6-70 and 3/4. May corn ended the day down 1 and 3/4 cents at 6-40 and 1/2.??

Portland prices for soft white wheat and club wheat were mixed down a dime to up 6 and 3/4 cents at mostly 7-95 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 7 cents at mostly 8-56 and 3/4. DNS wheat with 14 pct protein prices were up 10 and 1/2 cents at mostly 9-17 and 1/4.

June live cattle were down Tuesday $1.27 and half at 122-82 and half. May Feeder cattle were down 57 and half cents at 147-10. May class III milk was up 17 cents at 18-44.