Wheat Market Up

I’m KayDee Gilkey with the Market Line Report for May 24, 2013. ?
Wheat traded higher on the day Thursday on rumors that China may have been buying US Chicago wheat which helped to spark a short covering rally. From the floor of the CME Group, Todd Horwitz shares his observations of Thursday’s markets.

Horwitz: “Thursday afternoon in the grains, we had a little bit of a short squeeze in the front-end crop here in July -- pretty much across the board early in the day. At one point we saw soybeans up over 40 cents, corn up about 15 cents and wheat up over 20 cents. By the end of the day we had a little selling pressure, but still up across the board. Corn was closing up 3 cents, wheat closing up 15 and soybeans closing up 10 and that is in the front of July.”

Chicago July Wheat ended Thursday up 14 and 3/4 cents at 7-03 and 1/4. July corn ended the day up 3 and 1/2 cents at 6-62.??Portland prices for soft white wheat and club wheat were up 9 and 3/4 to 10 cents at mostly 7-83 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 11 and 1/4 cents at mostly 8-88 and 1/2. DNS wheat with 14 pct protein prices were up 5 and 1/2 cents at mostly 9-33 and 1/4. ??June live cattle were down Thursday 87 and half cents at 119-12 and half. August Feeder cattle were down $1.67 and half at 142-65 June class III milk was up 24 cents at 18-34.