Wheat Market Trades Sharply Higher

Wheat Market Trades Sharply Higher
I’m KayDee Gilkey with the Market Line Report for April 9, 2013. ?
Grains finished higher Monday with wheat buyers responding to weather
problems in the Southern Plains and Dakotas. From the floor of the CME Group, Virginia McGathey shares her observations of Monday’s markets.

McGathey: “Today in the grains, soybeans and wheat were the story of the day. Both were up about 15 cents. Wheat on the prospect that China has bought some of the wheat and kind of basically boosted the market a little bit. It underpins some support right now and actually gave some confidence to some of the export demand. Thankful for that because of the wet areas now into the Mid-West with all the rain has some concerns about whether we will be able to get some of the winter wheat out of the ground and if that is actually going to affect it.”

Chicago May Wheat ended Monday up 13 and 1/2 cents at 7-12 and 1/2. May corn ended the day up 4 and 1/2 cents at 6-22 and 1/2.??Portland prices for soft white wheat and club wheat were steady to up a nickel at mostly 8-07 and half. Hard Red Winter Wheat with 11.5 pct protein prices were up 19 to 24 cents at mostly 8-86. DNS wheat with 14 pct protein prices were 7 and 1/4 to 12 and 1/4 cents at mostly 9-35 and 3/4. ??June live cattle were up Monday 53 and 1/2 cents at 122-02 and a half. May Feeder cattle were up 45 cents at 144-75. May class III milk was up 28 cents at 18-62.