Wheat Market Finds Renewed Buying Interest

Wheat Market Finds Renewed Buying Interest

I’m KayDee Gilkey with the Market Line Report for March 20, 2013. 
Wheat found renewed buying interest at all three exchanges on crop condition concerns as the dollar again traded higher. May Chicago wheat continues to trade at a discount to May corn futures. From the floor of the CME Group Gary Kozlowski shares his observations of Tuesday’s markets.

Kozlowski: “Now let’s switch to wheat, we’ve seen a lot of fund selling in the last few days and it has brought the price down a little bit. We are still above that $7 range -- which is a key number for everybody. We’ve seen weaker selling also in the wheat in the past week or so, the MIddle East is coming in and tending offers. We’ve got Algeria, Jordan, and Tunisia, also coming in. Let’s see how this plays out, but they are not real big importers on the U.S. Wheat.”

Chicago May Wheat ended Tuesday up 9 and 1/4 cents at 7-22. May corn ended the day up 8 and 1/2 cents at 7-28 and 1/2.

Portland prices for soft white wheat and club wheat were mixed from down 2 and 3/4 to up 7 cents at mostly 8-45 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 7 and 1/2 cents at mostly 8-91 and 3/4. DNS wheat with 14 pct protein prices were up a dime at mostly 9-47 and 3/4. 

April live cattle were down Tuesday 75 cents at 125-30. April Feeder cattle were down $1.02 and half at 138-37 and a half. April class III milk was up 12 cents at 17-50.