Wheat Market Posts Moderate to Strong Gains for the Week

I'm KayDee Gilkey with the Market Line Report for July 16, 2012.

Wheat futures gave back much of Friday's earlier gains and finished only slightly higher at all three exchanges. Weather concerns have helped to drive the market higher this week but a set-back in corn and talk that producer selling was picking up in the US plains helped to spark the set-back. The fundamental picture for the wheat market has improved modestly, but wheat needs the corn market to continue the current rally. From the floor of the CME Group, Kevin Craney shares his observations of Friday’s markets.

Craney: “Wheat following corn higher here pretty much on the day but then ending up settle back off of their highs for sure as corn is really the leader and wheat being the follower.”

Chicago September Wheat ended Friday up a penny at 8-47 and 3/4. September corn ended the day up 9 and 1/4 cents at 7-40 and a 1/2.
Portland prices for soft white wheat and club wheat were stead to up a nickel at 8-47. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 to 9 cents at mostly 8-97. DNS wheat with 14 pct protein prices were up 6 to 13 cents at mostly 10-33.

August live cattle ended Friday up 18 cents at 117-20. August Feeder cattle were down $2.23 at 139- even. August class III milk was up 19 cents at 18-22.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.