Corn Rally Boosts Wheat Markets Up

I’m KayDee Gilkey with the Market Line Report for August 16, 2013.

Wheat futures traded higher into the closing bell Thursday. The corn market was up double digits in the wake of a warmer forecast over the next week that doesn't offer much rainfall. From the floor of the CME Group, Joe Vaclavik shares his observations of Thursday’s markets.

Vaclavik: “We had a sharply trade in the grain markets in Chicago Thursday. The corn market sharply higher and the wheat market higher across the board to a little bit lesser extent. One big piece of news that came out early this morning was that the FSA - the Farm Service Agency -- essentially gave us their initial estimates for prevent planting acres in the United States.”

Chicago September Wheat ended Thursday up 7 cents at 6-37 and 1/2. September corn ended the day up 16 and 3/4 cents at 4-81 and 1/2.??Portland prices for soft white wheat were up 7 to 14 and 1/2 cents at mostly 7-22 and 1/2. White club wheat was up 9 and 1/2 and 17 cents at mostly 7-29 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 and 1/4 to 8 and 1/4 cents at mostly 8-14. DNS wheat with 14 pct protein prices were up 3 and 1/2 to 13 and 1/2 cents at mostly 8-43 and 1/2.

October live cattle were down 7 and half cents Thursday at 128-10. September Feeder cattle were down 37 and half cents at 157-07 and half. September class III milk was down 6 cents at 18-08.