Wheat Market Rebounds Sharply Higher

Wheat Market Rebounds Higher

I’m KayDee Gilkey with the Market Line Report for April 4, 2013. 
Wheat futures extended gains into the close to finish sharply higher Wednesday. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.

Vaclavik: “Grain markets here in Chicago were mixed. We had the wheat sharply higher, soybean market sharply lower and corn market somewhere in the middle trading both sides of unchanged throughout the day. The markets are really in the final stages of digesting last Thursday’s report from the USDA which indicated much larger than anticipated old crop grain stocks for corn, soybean and wheat. I give this thing to the end of the week to kind of digest these numbers to get the last of the liquidation over and I think that all these markets are going to very quickly turn their attention to weather.”

Chicago May Wheat ended Wednesday up 25 and 3/4 cents at 6-96 and 1/2. May corn ended the day up a penny at 6-41 and 1/2.

Portland prices for soft white wheat and club wheat were up 4 and 1/4 to 11 and 1/2 cents at mostly 8-05 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 18 and 1/2 to 23 and 1/2 cents at mostly 8-76 and 1/4. DNS wheat with 14 pct protein prices were up 15 and 1/4 cents at mostly 9-34 and 1/2.

June live cattle were up Wednesday 37 and half cents at 123-20. May Feeder cattle were down 52 and half cents at 146-57 and half. May class III milk was down 4 cents at 18-40.