Wheat Rally Expected But Didn't Materialize

Late strength in soybeans helped to pull the wheat market up from the mid-session lows on Monday. From the floor of the CME Group, Frank Lesh shares his observations of Monday's markets.

Lesh: "Grain trade today well we were a little bit higher but we should say lower volume with the holiday week here in the states. March corn up 2 cents and we have March wheat up 2 cents as well. One thing we want to note is coming Friday going to be first notice for December contracts here for December corn and December wheat for delivery first intent to deliver."

Chicago March Wheat ended Monday up 2 and 1/4 cents at 6-59 and 1/4. March corn ended the day up 2 cents at 4-31 and 1/4.??Portland prices for soft white white were up 3 cents at mostly 7-14. White club wheat prices were up 3 cents at mostly 7-39. Hard Red Winter wheat with 11.5 percent protein prices were up 3/4 of a cent at mostly 7-98 and 3/4. DNS wheat with 14 percent protein prices were were mixed down 3/4 of a cent to up 1 and 1/4 cents at mostly 8-41 and 1/2.

?February live cattle were up 12 and half cents Monday at 131-92 and half. January Feeder cattle were down 70 cents at 162-90. January class III milk was up 20 cents at 17-52.