Big Wheat Rally Ahead of USDA Report

Big Wheat Rally Ahead of USDA Report

I’m KayDee Gilkey with the Market Line Report for March 31, 2015.
Wheat prices lead the way higher on Monday with KC wheat closing at its highest level in more than two months. From the floor of the CME Group, Robert Chesler shares his observations of Monday’s markets.
Chesler: “Exciting day here in the grain markets here today. Really on the heels of wheat — we had some dry weather reported in Southern Plains perhaps a little bit overdone - but giddy up and go. That market really started to move. What was the real impetus? Well, yea the weather was there but it was really the big funds short probably larger than most people expected. Shown in the CFDC report Friday — bout 74,000 contracts short and we’ve looked to have covered a lot of that here today. So that got things kicked into high gear ahead of tomorrow’s reports.”
Chicago May Wheat ended Monday up 22 and 1/4 cents at 5-30 and 1/4. May corn ended the day up 3 and 1/2 cents at 3-94 and 1/2.
Portland prices for soft white wheat of ordinary protein were mixed down 15 to up 22 and 1/2 cents at mostly 6-35 and 1/4. White club wheat of ordinary protein prices were mixed down 15 to up 22 and 1/2 cents at mostly 8-75 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 23 and 1/4 cents at mostly 6-87 and 1/4. DNS wheat with 14 percent protein prices were up 15 and 3/4 cents at mostly 9-05 and 3/4.
June live cattle were unchanged on Monday at 152-97 and half. May Feeder cattle were down 67 and half cents at 217-45. May class III milk was up 32 cents at 15-77.

 

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