Wheat Rebounds on Monday

I’m KayDee Gilkey with the Market Line Report for April 8, 2014.

 

Grain markets were mixed on Monday — wheat higher and corn lower. From the floor of the CME Group, Joe Vaclavik shares

 

Vaclavik: “Forecasters removing rains that they had in this upcoming weekend. While significant rain events are being advertised — it looks like the amounts and coverage is going to be a little less than normal. Also on Monday afternoon there will be some crop progress and crop conditions ratings. Crop ratings are expected to be on power, maybe even a little better than they were a year ago. Even still the drought in the Western part of the United States — your big wheat growing states of Kansas Oklahoma, Texas, and Nebraska — very, very dry some windy conditions hurting the crop. We really need to see some rainfall there before we can break this wheat market in a real meaningful way.”

 

Chicago May Wheat ended Monday up 6 and 1/2 cents at 6-76 and 1/4. May corn ended the day down 2 and 1/2 cents at 4-99 and 1/4.

 

Portland prices for soft white wheat were up 5 to 6 and 1/2 cents at mostly 7-69. White club wheat prices were up 5 to 16 and 1/2 cents at mostly 8-21. Hard Red Winter wheat with 11.5 percent protein prices were mixed down 4 and 1/4 to up 5 and 3/4 cents at mostly 8-64 and 1/2. DNS wheat with 14 percent protein prices were mixed down 4 and 1/4 cents to up 3/4 of a cent at mostly 8-88 and 1/4.

 

June live cattle were up 12 and half cents on Monday at 134-92 and a half. May Feeder cattle were up 32 and half cents at 178-85. May class III milk was down 53 cents at 21-43.