Wheat Posted Gains on Friday, but Lower for the Week

Wheat Posted Gains on Friday, but Lower for the Week

I'm KayDee Gilkey with the Market Line Report for March 26, 2012.?
Wheat gained ground on a lower dollar and built on Thursday’s gains with Wheat futures closed higher on all three exchanges on Friday.

U.S. temperatures this past winter were above normal and agronomists believe that could lead to more insect problems for the wheat crop. One of the insects, the wheat aphid not only eats the plant but also leaves behind a fungus that can affect production.

From the floor of the CME, George Kopp with International Futures Group shares his observation’s of Friday’s markets.

Kopp: “Wheat has been trading in a 75 cent range since the beginning of the year from 6-90 to 6-15. Wheat bounced off the lower end yesterday.”

Chicago May Wheat ended Friday up 8 cents at 6-54 and 1/4. July new crop was up 9 cents at 6-64 and 1/2. May corn was up 2 cents at 6-46 and 1/2.

Portland prices for soft white wheat and club wheat were up a nickel to a dime at mostly 7-05. Hard Red Winter Wheat with 11.5 pct protein was up 11 cents at mostly 7-87. DNS wheat with 14 pct protein was up a dime at mostly 9-60.

April live cattle were down 75 cents at 124-50. April Feeder cattle were down 15 cents at 153-30. April class III milk was down 63 cents at 15-68.

I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.