Weather Concerns in Mid-West

The commodity markets were closed on Friday in observance of Good Friday. So I spoke with Jackson Commodities Henry Kornegay on Thursday.
Kornegay: “Wheat finished up the week strong again.Kansas City was up about 12 to 13 and Chicago was up 12 to 14 and the spring wheat over in Minneapolis is up just 6 to 8. Still a lot of concern about the lack of moisture moving into the Southern Plains. I know that there suppose to a couple of systems to be moving there through the weekend and into the next week. There is still up in the air whether they are going to make it or not and that is where we are getting the buying there. Meanwhile in the corn market, we are higher there. It looks like end of the quarter buying coming in — as the funds came in and bought 5,000 contracts this morning. There is also a report out from one of the analysts that the ethanol production should be just about unchanged versus last year also helping to support he corn as we go into the long weekend.”
Thursday’s prices for Portland prices for soft white wheat of ordinary protein were mixed down 5 and 3/4 to up 7 and 3/4 cents at mostly 6-76 and 1/4. White club wheat of ordinary protein prices were mixed down 5 and 3/4 to up 7 and 3/4 cents at mostly 8-96 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 10 and 3/4 cents at mostly 6-96 and 3/4. DNS wheat with 14 percent protein prices were up a nickel at mostly 9-05 and 1/2.