Weather Rally Continues

I'm KayDee Gilkey with the Market Line Report for June 20, 2012.

European wheat futures extended gains on potentially warm and dry conditions in parts of Russia, which lent support to US markets on Tuesday. The US Dollar traded lower and stocks rallied. Wheat benefited from a mixture of positive outside markets and spillover support from corn and beans.

From the floor of the CME Group, Chris Robinson with Top Third Ag Marketing shares his observations of Tuesday’s markets.

Robinson: “So it is a weather market. After being out here for 23 plus years, I’ve seen quite of few of them. They are fun until they stop. We could have a powerful move here, then as soon as we get a change in the five to seven day forecast we could have kind of a painful correction.”

Chicago July Wheat ended Tuesday up 19 and 1/4 cents at 6-49 and 1/2. July corn ended the day up 13 cents at 6-12 and 1/2.

Portland prices for soft white wheat and club wheat were up 5 to 15 cents at mostly 6-98. Hard Red Winter Wheat with 11.5 pct protein prices were up 19 cents at mostly 7-48. DNS wheat with 14 pct protein prices were up 13 cents at mostly 9-05.
August live cattle ended down 48 cents at 117-50. August Feeder cattle were down $2.53 at 153-60. July class III milk was up 11 cents at 16-53.
I'm KayDee Gilkey with the Market Line Report on the Northwest Ag Information Network.