Higher Wheat Market

Higher Wheat Market

I’m KayDee Gilkey with the Market Line Report for Jan 31, 2013. ?
KC and Chicago wheat traded higher throughout the day Wednesday and into the closing bell on the heels of a sharply higher trade in the corn and soybean markets. From the floor of the CME Group, Joe Vaclavik shares his observations.
Joe Vaclavik: “The wheat market caught a bid late in the day. It was struggling to hold on to 5 or 6 cents gains for the majority of the day but ended up in positive territory by 10 to 12 cents not a bad close at all. Another piece of news that was out today -- yesterday-- CME executives say that they are going to adjust trading hours in the grain markets. We aren’t sure what the adjustment is going to be but there has been a big lobby for traders here like myself that would like these hours to be reduced a little bit. We find the 21 hours to be excessive volumes can be thin sometimes and liquidity not so great during these off hours.”
Chicago March Wheat ended Wednesday up a dime at 7-87. March corn ended the day up 10 and 3/4 cents at 7-40 and 1/4.??Portland prices for soft white wheat and club wheat were steady to up a dime at mostly 8-74 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 10 cents at mostly 9-39 and 3/4. DNS wheat with 14 pct protein prices were up 8 cents at mostly 9-63. ??April live cattle were down Wednesday a nickel at 132-92 and 1/2. March Feeder cattle were up 27 and 1/2 cents at 149-10. March class III milk was up 7 cents at 16-71.