Wheat Rallies on Tuesday

I’m KayDee Gilkey with the Market Line Report for April 30, 2014.

 

Wheat rallies on weather and crop tour news. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.

Vaclavik: “Grain markets here in Chicago were higher across the board on Tuesday. We had actually had some new high closes in some of the Kansas City Wheat Market, very strong performance in the corn market as well as the soybean market. In the wheat market, producers across the Plains areas of Kansas, Oklahoma, Texas and Nebraska continue to deal with very very dry conditions. We had very high winds — even tornados in some areas — so the wheat crop being disrupted there and wheat growth being stagnated there for the moment.”

Chicago July Wheat ended Tuesday up 8 cents at 7-16 and 1/2. July corn ended the day up 7 and 3/4 cents at 5-21 and 1/2.

Portland prices for soft white wheat were down 5 to 10 and 1/2 cents at mostly 7-79. White club wheat prices were mixed down 5 to up 7 and 3/4 cents at mostly 8-44. Hard Red Winter wheat with 11.5 percent protein prices were up 16 cents at mostly 9-07 and 1/2. DNS wheat with 14 percent protein prices were up 2 and 3/4 to 7 and 3/4 cents at mostly 8-94 and 1/4.

 

June live cattle were up 20 cents on Tuesday at 137-02 and half. August Feeder cattle were up 20 cents at 186-55. June class III milk was up 21 cents at 20-86.