Wheat Double Digits Higher on Tuesday

I’m KayDee Gilkey with the Market Line Report for April 16, 2014.

All wheat futures were higher on Tuesday. From the floor of the CME Group, Joe Vaclavik shares

Vaclavik: Looking at the wheat market sharply, sharply higher today after a strong performance yesterday. forecasters reduced some of the expected rainfall throughout portions of hard winter wheat country here in the United States. Kansas, Oklahoma and Texas were all looking for better rain systems this coming the weekend and into next week and those have been racketed back. In addition to that, we had some hard freezes over a good chunk of that country Sunday and again Monday night. The freeze which may have hurt a good percentage of the crop, combined with some lower rainfall patterns and also with this Ukraine-Russia situation which could affect the wheat market resulting in a sharply higher trade.”

Chicago May Wheat ended Tuesday up 23 cents at 7-01 and 3/4. May corn ended the day up 3/4 of a cent at 5-03 and 3/4.

Portland prices for soft white wheat were up 11 and 1/4 to 23 cents at mostly 7-78 and 3/4. White club wheat prices were up 3 to 23 cents at mostly 8-28 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 23 and 1/2 cents at mostly 8-84 and 1/2. DNS wheat with 14 percent protein prices were up 11 and 1/4 to 16 and 1/4 cents at mostly 8-84 and 1/2.

 

June live cattle were down 47 and half cents on Tuesday at 135-42 and half. May Feeder cattle were down 65 cents at 179-77 and half. May class III milk was down 20 cents at 21-83.