Wheat Market Finishes Higher

I’m KayDee Gilkey with the Market Line Report for April 17, 2013. ?
Chicago and KC wheat traded higher on the day Tuesday but failed to show the upside strength that was seen in the corn and soybean markets. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Well, we see a sea of green in the grain market today. Big gains from both soybeans and corn a little bit more of a gain also from wheat. Some people think it is just a bounce just in reaction from the severe drubbing we saw yesterday throughout the whole commodity sector. We are also seeing the U.S. dollar lower. Wheat did stumble just a little bit, we had some weather concerns in the the central plains; however with the weaker dollar, with the global demand picture, wheat did not follow through with the rest of them.”

Chicago May Wheat ended Tuesday up 9 and 3/4 cents at 7-03 and 1/2. May corn ended the day up 16 and 1/2 cents at 6-63 and 1/4.??Portland prices for soft white wheat and club wheat were up 5 to 9 and 3/4 cents at mostly 7-89 and 1/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 9 and 1/4 to 12 and 1/4 cents at mostly 8-83 and 3/4. DNS wheat with 14 pct protein prices were up 13 cents at mostly 9-31. ??June live cattle were up Tuesday 62 and half cents at 120-45. May Feeder cattle were up 25 cents at 140-05. May class III milk was up 15 cents at 19-01.