Wheat Markets Rally Sharply Higher

I’m KayDee Gilkey with the Market Line Report for April 26, 2013. 

Wheat markets rallied sharply higher Thursday due to the freeze events in the western plains this week and spillover support from other markets. Crop scouts will begin to assess damage in the west over the next two weeks. From the floor of the CME Group, Todd Horwitz shares his observations of Thursday’s markets.

Horwitz: “As we look at today’s market picture. All markets were green everything is going up. It must be all the rain we’ve been having -- everything is turning green. But when you really take a look at the bigger picture and you look at the technicals across the board we are going to be looking for spots to sell. Now we are rolling over, the May futures expire and now we are going to be rolling into July. So what we are going to look for in July wheat is about $7.20 for a spot to sell.”

Chicago July Wheat ended Thursday up 11 and 3/4 cents at 7-03 and 3/4. July corn ended the day up 6 and 1/4 cents at 6-24 and 1/2.

Portland prices for soft white wheat and club wheat were not available. Hard Red Winter Wheat with 11.5 pct protein prices were up 21 and 1/2 cents at mostly 9-01 and 1/2. DNS wheat with 14 pct protein prices were up 6 and 3/4 cents at 9-38 and 1/4.

June live cattle were up Thursday 82 and a half cents at 122-90. August Feeder cattle were up a $1-52 and half at 152-15. June class III milk was up 3 cents at 19-03.