Wheat Rallies on Southern Plains Wet Weather

Wheat Rallies on Southern Plains Wet Weather

I’m KayDee Gilkey with the Market Line Report for May 19, 2015.
Continued wet weather in the South Plains caused wheat markets to rally on Monday. From the floor of the CME Group Jack Scoville shares his observations of Monday’s markets
Scoville: “Grain markets were generally higher over the course of the day. Wheat the leader to the upside and caught in the weather markets for right now. The cold weather in the Northern Plains and on up into Canada could cause a little bit of winter kill for the just planted crops up there. On the other hand in the Central and South Great Plains still seeing a heck of a lot of rain and causing some quality concerns if not some concerns about outright loss - so that lead the wheat market higher.”
Chicago July Wheat ended Monday up 10 and 3/4 cents at 5-21 and 3/4. July corn ended the day up 2 and 1/2 cents at 3-68.
Portland prices for soft white wheat of ordinary protein were steady to up 6 and 3/4 cents for August delivery ranging between 5-85 and 6-29 and 1/4. White Club wheat of ordinary protein had no nearby price comparisons. May delivery of Hard Red Winter wheat with 11.5 percent protein prices were up 8 and 1/4 to 10 and 1/4 cents at mostly 6-50. DNS wheat with 14 percent protein prices were up 13 and 1/4 cents at mostly 7-72 and 1/2.
June live cattle were down 95 cents on Monday at 151.57 and half. August Feeder cattle were down $1.67 and half at 216.72 and half. June class III milk was up 8 cents at 16-65.

 

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