Sharp Gain For Wheat on Monday

I’m KayDee Gilkey with the Market Line Report for March 25, 2014.

 

Most wheat futures contracts ended Monday with new high closes. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

 

Vaclavik: “Grain markets here in Chicago were sharply higher on Monday. One week from Monday on March the 31st we’re going to have the USDA Planting Crop Intentions and Quarterly Stocks Report. This is the historically — the last five or six years at least — one of the biggest reports of the year for traders. This Ukraine and Russia situation certainly still adding some risk premium into the corn and wheat markets in particularly. I couldn’t tell you how much and it is very difficult to quantify but there still is certainly some fear regarding Ukraine and Russia and potential of grain exports out of those countries in the future.”

 

Chicago May Wheat ended Monday up 21 and 1/4 cents at 7-14 and 1/2. May corn ended the day up 11 cents at 4-90.

 

Portland prices for soft white wheat were steady to up 11 and 1/4 cents at mostly 7-67 and 1/4. White club wheat prices were steady to up 11 and 1/4 cents at mostly 8-17 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 18 and 1/4 to 28 and 1/4 cents at mostly 9-24 and 1/2. DNS wheat with 14 percent protein prices were up 29 and 3/4 to 39 and 3/4 cents at 9-53.

 

April live cattle were up 15 cents on Monday at 144-15. April Feeder cattle were up $1.02 and half at 176-30. April class III milk was up 56 cents at 24-09.