Weekend market report: Wheat opens with double digit gains


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Welcome to the weekend market report…

It’s 23 degrees this morning in the Treasure Valley. And a cool 19 in Poky, 14 in IF, Northern Idaho, it’s 27 this morning in CDA and a bit colder in Sandpoint…. Afternoon temps will hit the 30s and 40’s. Snow expected on Sunday…

On to the markets:

At the CBOT open corn futures are at $4.20, down 2 1/2 cents,

The big story this morning is double-digit gains in the wheat market. The initial response to the USDA report faded gains back to near breakeven before the board rallied back for the open. CBT futures open the day 11 1/4 to 13 1/4 cents higher.

| Mar 21 CBOT Wheat opens at $5.96, up 13 1/4 cents,
| Mar 21 KCBT Wheat is at $5.63, up 12 1/2 cents,
| Mar 21 MGEX Wheat is at $5.62 1/2, up 7 cents.

Over in Burley:
- Soft White Wheat | 4.75 | up 7
- Hard Red Winter | 5.19 | up 7
- Hard Red Spring | 5.70 | up 7
- Barley | 7.00 | unchanged
- Hard White | 5.19 | up 7
Milk inching up, now trading at $15.79 per hundredweight this morning, up 30 cents.

Fat cattle futures climbed 55 to 92 cents higher on Thursday. Front-month feeder cattle futures closed off the highs, where gains topped triple digits, but still ended up by at least 20 cents. The CME Feeder Cattle Index is 9 cents lower at $137.11. USDA confirmed cash sales in NE from $106-$107 on Thursday, Dressed sales on Thursday were $166 to $168. The bulk of the week’s cash sales is $107-$108…

Idaho Hay, supreme quality trading at $180, good quality going for $140 demand steady.

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