Wheat Market Finishes Week Higher

Wheat Market Finishes Week Higher
I’m KayDee Gilkey with the Market Line Report for April 8, 2013. ?
For the week, wheat futures posted corrective gains, led by Chicago contracts. Talk of Chinese demand for U.S. wheat sparked a short-covering rally in wheat futures last week. Unless at least some of that demand talk is confirmed this week, wheat futures are at risk of fresh selling pressure. From the floor of the CME Group, Larry Shover shares his observations of Friday’s markets.

Shover: “Given all the volitlity in the all markets today, it is stunning to believe that really not a lot happened into the close in the grain market. People are eying the stock market right now and are seeing that it is rallying back a little bit. Wheat continues its upward trend and it did close one higher on the day on all three exchanges here at the CME.”

Chicago May Wheat ended Friday up a nickel at 6-99. May corn ended the day down a penny at 6-29.??Portland prices for soft white wheat and club wheat were steady at mostly 8-03. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 and 1/4 cents at mostly 8-66. DNS wheat with 14 pct protein prices were a penny at mostly 9-28 and 1/2. ??June live cattle were down Friday 85 cents at 121-50. May Feeder cattle were down $1.65 at 144-30. May class III milk was down 3 cents at 18-34.

*Remember that the CME’s new grain trading hours begin Sunday night April 7th.