Wheat Market Up With Light Volume

I’m KayDee Gilkey with the Market Line Report for April 22, 2013. ?
Chicago and KC wheat traded higher on the day Friday in light volume despite another round of freezing temperatures in the western plains overnight. Slight damage is expected for the crop but the trade is still uncertain as to final production losses. From the floor of the CME Group, Scott Shellady shares his observations of Friday’s markets.

Shellady: “I think the real story of the day is we’ve had some freezing temperatures -- low twenties in say Texas and Oklahoma overnight. And that was really odd to see that wheat market down but as we’ve traded over the day wheat has come back a little bit. We’ve got a wheat market up, we’ve got a corn market up, the one taken it on the chin right now is soybeans. I don’t think there is a lot of news but we have had a ton of rain. If you are in Chicago and your basement didn’t flood, you get a medal. That was probably one of the biggest stories we talked about here last night and early this morning.”

Chicago May Wheat ended Friday up 6 and 1/4 cents at 7-09. May corn ended the day up 7 and 1/2 cents at 6-52.??Portland prices for soft white wheat and club wheat were steady to up 6 and 1/4 cents at mostly 7-89 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 2 and 1/4 to 4 and 1/2 cents at mostly 8-86. DNS wheat with 14 pct protein prices were mixed down a penny to up 9 cents at mostly 9-36 and 1/4. ??June live cattle were down Friday 7 and half cents at 121-30. May Feeder cattle were down 85 cents at 139-20. May class III milk was down 16 cents at 19-11.