Wheat Market Has Late Push Higher

Wheat Market Has Late Push Higher

I’m KayDee Gilkey with the Market Line Report for Feb. 14, 2013. ?
KC and Chicago wheat traded higher Wednesday, after steady declines in price all week. From the floor of the CME Group, Joe Vaclavik shares his observations of Wednesday’s markets.
Vaclavik: “Grain markets were mixed here in Chicago today. Kinda of a quiet trading session. We traded both sides of unchanged in corn, really a lackluster day here. You know something the big buzz this week has been hedge fund liquidation. There have been stories across the newswires that some of the bigger hedge funds, overseas has been liquidating or halting trading in the commodity sector, specifically agriculturals. Everything has been very, very soft here since the beginning of February. I think you are seeing liquidations among some of these bigger speculative trading funds.”
Chicago March Wheat ended Wednesday up 3 and 1/2 cents at 7-35 and 1/2. March corn ended the day down 3/4 of a cent at 6-95 and 1/2.??Portland prices for soft white wheat and club wheat were up 8 to to 18 and 1/2 cents at mostly 8-58 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 7 and 1/4 to 8 and 1/4 cents at mostly 8-96 and 1/4. DNS wheat with 14 pct protein prices were up 7 to 12 cents at mostly 9-34. ??April live cattle were down Wednesday 55 cents at 129-40. March Feeder cattle were down $1.90 at 141-35. March class III milk was up 3 cents at 17-44.