Wheat Leads Grain Markets Higher

December wheat closed more than 10 cents higher on the session and experienced the highest close since August 28th. From the floor of the CME Group, Larry Shover shares his observations of Thursday's markets.

Shover: "Wheat leading everything up 9 and 1/2 cents on the day. An old story that we've heard for a long time that the wheat market is oversold. We saw a huge bounce back that went into the close. No big news that came out to caused this. Export data that came out okay -- maybe okay if not good. Right now charters are saying that support is 6-35 and resistance is at 6-49 -- we are definitely passed that resistance point. So we will see what happens to this oversold condition."

Chicago December Wheat ended Thursday up 10 and 1/2 cents at 6-57. December corn ended the day up 3 and 1/4 cents at 4-59 and 1/2.??Portland prices for soft white wheat were mixed up 5 and 1/2 to down 14 and 1/2 cents at mostly 7-04 and 1/2. White club wheat prices were up 10 and 1/2 to 32 cents at mostly 7-34 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 9 and 1/2 cents at mostly 8-20. DNS wheat with 14 pct protein did not issue bids for nearby delivery.

?October live cattle were up 65 cents Thursday at 125-92 and half. October Feeder cattle were up $1.07 and half at 159-37 and half. October class III milk was up 12 cents at 18 even.