Wheat Market Sharply Higher

 December Chicago wheat traded sharply higher on the dayTuesday after European wheat futures set new contract highs overnight and crop conditions in the US western plains deteriorated further. The weekly Winter Wheat Conditions report as of November 4th showed 39% of the crop was rated good/excellent which was in line with market estimates and compared to 40% last week. This was the lowest rating ever recorded for early November. From the floor of the CME Group, Matt Maloney shares his observations of Tuesday’s markets.

Maloney: “Grains are catching a bit of a bid pretty strong after some crop progress reports yesterday afternoon showed winter wheat conditions close to the worst of all time. Giving wheat a pop up and that is pulling corn up as well.”

Chicago December Wheat ended Tuesday up 11 cents at 8-77. December corn ended the day up 5 and 1/2 cents at 7-41.

Portland prices for soft white wheat and club wheat were up 10 to 11 cents at mostly 8-93 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 10 and 1/2 cents at mostly 10-04 and 1/2. DNS wheat with 14 pct protein prices were up 8 to 9 cents at mostly 10-35.

December live cattle were up Tuesday 40 cents at 125-68. November Feeder cattle were down a nickel at 144-85. November class III milk was up 8 cents at 21-27.