Modest Gain in Wheat Market

 Modest Gain in Wheat Market
I’m KayDee Gilkey with the Market Line Report for April 12, 2013. ?

Chicago and KC wheat traded higher on the day after freezing temperatures stretched across areas of the western plains for the second day in a row Thursday. From the floor of the CME Group, Joe Vaclavik shares his observations of Thursday’s markets.

Vaclavik: “Now moving forward I really think that these markets are going be about weather 100 percent. What kind of corn production can we have this year? The range of possibilities in regards to production has really expanded relative to what we thought was possible over the last four or five years. We’ve seen a 160 corn yield then we’ve seen a 120 corn yield. The range of possibilities is great which means that volatility in the market has a potential to be great if we reach either one of those extremes.”

Chicago May Wheat ended Thursday up a penny at 6-97 and 3/4. May corn ended the day up 2 and 1/4 cents at 6-51 and 1/4.??

Portland prices for soft white wheat and club wheat were steady to up 6 cents at mostly 7-94. Hard Red Winter Wheat with 11.5 pct protein prices were up 8 and 3/4 cents at mostly 8-77 and 3/4. DNS wheat with 14 pct protein prices were up a nickel at mostly 9-20 and 1/2. ??

June live cattle were up Thursday 65 cents at 120-65. May Feeder cattle were down 55 cents at 141-77 and half. May class III milk was up 43 cents at 18-74.