Very Positive Day for Wheat Market

Very Positive Day for Wheat Market

I'm KayDee Gilkey with the Market Line Report for February 5, 2014.

It was a very exciting day for wheat on Tuesday. I visited with MK Commodities Mike Krueger at the Spokane Ag Expo and he shares his observations of Tuesday's markets.

Krueger: "We popped up 22 cents. Yesterday afternoon, Kansas, Nebraska, Texas, Oklahoma — the hard red states released condition ratings and they'd gone down a lot. Anybody who has been watching it isn't certainly surprised but it made the media. We've had the near funds record short — they saw that. KAPOW. We're up 22 today — because their attitude has been there is wheat every where, with a record crop next year is a given — Ya, Ya, Ya. So this made their shirts snap a little bit."

Chicago March Wheat ended Tuesday up 20 and 3/4 cents at 5-84 and 1/2. March corn ended the day up 6 cents at 4-41 and 3/4.

Portland prices for soft white white were up 20 and 3/4 cents at mostly 7-21 and 1/4. White club wheat prices were up 20 and 3/4 cents at mostly 7-71 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 22 and 1/4 cents at mostly 7-94 and 1/2. DNS wheat with 14 percent protein prices were up 12 and 3/4 cents at 8-23 and 1/2.

February live cattle were down 77 and half Tuesday at 139-60. March Feeder cattle were down $1-02 and half at 166.97 and half. March class III milk was down 30 cents at 20-52.

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