Wheat Market Moves Back Down

I’m KayDee Gilkey with the Market Line Report for April 29, 2013. 

Chicago and Kansas City wheat took a step back Friday as traders took profits ahead of the weekend following the sharp rally on Thursday. From the floor of the CME Group, Charles Nedoss shares his observations of Friday’s markets.

Nedoss: “Looking forward into next week, it does look like the MId-West is going to dry out. No real significant rain events there. We are going to get warmer temperatures so you should see farmers really get tractors rolling next week and get fairly active in plantings.”

Chicago July Wheat ended Friday down 11 and 1/4 cents at 6-92 and 1/2. July corn ended the day down 4 and 3/4 cents at 6-19 and 3/4.

Portland prices for soft white wheat and club wheat were down 2 and 1/2 to 5 cents ranging between 7-67 and 1/2 and 7-75. Hard Red Winter Wheat with 11.5 pct protein prices were down 11 cents at mostly 8-89 and 1/2. DNS wheat with 14 pct protein prices were down 3 and 3/4 to 8 and 3/4 cents at 9-34 and 1/2.

June live cattle were down Friday 30 cents at 122-60. August Feeder cattle were down 97 and half cents at 151-17 and half. June class III milk was up 23 cents at 19-26.