Higher But Quieter Day for Wheat Market

Higher But Quieter Day for Wheat Market

I'm KayDee Gilkey with the Market Line Report for January 15, 2014.

With rail performance issues, basis levels for Dark Northern Spring and Hard Red Winter wheat have shot higher. From the floor of the CME Group, Alexandra Lively shares her observations of Tuesday's markets.

Lively: "This wheat market trading higher up against first resistance levels in that March contract. Traders are saying in terms of the large wheat crop that Argentina is expected. Argentina announced that they will only be exporting 500,000 tons in the near team which is not enough to provide the Brazilian needs. So this is a supportive factor to the U.S. as we are priced competitively. And is believed that we will see more Brazilian purchases of U.S. wheat."

Chicago March Wheat ended Monday up 5 and 3/4 cents at 5-79 and1/4. March corn ended the day down 3 cents at 4-31 and 1/2.??Portland prices for soft white white were up 5 and 3/4 cents at mostly 6-81. White club wheat prices were up 5 and 3/4 cents at mostly 7-14 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 12 and 1/4 to 22 and 1/4 cents at mostly 7-59. DNS wheat with 14 percent protein prices up 13 and 1/4 to 23 and 1/4 cents at mostly 8-50.

?February live cattle were up $1.05 Monday at 137-65. March Feeder cattle were up 35 cents at 166-82 and half. February class III milk was up 54 cents at 21-01.

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