Frigid Weather Spurs Wheat Market

Frigid Weather Spurs Wheat Market
I’m KayDee Gilkey with the Market Line Report for April 15, 2013. ?
Wheat saw substantial gains last week mostly due to the frigid weather conditions in the western plains which may have caused winterkill for a portion of the crop. The Chicago wheat market continues to drive higher with strong export demand as the catalyst for the move. From the floor of the CME Group, Virginia McGathey shares her observations of Friday’s markets.
McGathey: “Today in the grain markets were up all day. Basically the weather has really been telling the tale. For wheat we are worried about freezing the crop. That is going to hurt really everything for the winter wheat even though we were looking at a big crop coming in and everything was going perfectly. Now traders are worried about freeze of the crop and that has the market up 60 cents on the week.”

Chicago May Wheat ended Friday up 17 cents at 7-14 and 3/4. May corn ended the day up 7 and 1/4 cents at 6-58 and 1/2.??Portland prices for soft white wheat and club wheat were up 7 and 1/4 to 9 3/4 cents at mostly 8-02 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 14 and 1/4 cents at mostly 8-92. DNS wheat with 14 pct protein prices were up 9 and 1/4 to 18 and 1/4 cents at mostly 9-31 and 3/4. ??June live cattle were up Friday a dime at 120-75. May Feeder cattle were down 85 cents at 140-92 and half. May class III milk was up 11 cents at 18-85.