Wheat Rallies Another Day

December Chicago wheat closed moderately higher on the session Tuesday. The continued flow of US exports and ideas that both China and Brazil could remain active buyers ahead helped to support the market. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday's markets.

Vaclavik: "Grain markets were pretty quiet on Tuesday. It has really been a slow start to the week. Moving forward here we are going to have a big Grain Stocks Report from the USDA that is going to be out on Monday morning. That is the quarterly grain stock report -- four times a year. It has a tendency to be a big market mover. I imagine that we will see some really tight old corn stocks. But the story in the markets is really about the new crop production than it is about old crop stocks at this time.

Chicago December Wheat ended Tuesday up 4 and 3/4 cents at 6-58 and 1/4. December corn ended the day down 4 and 1/2 cents at 4-48 and 3/4.??Portland prices for soft white wheat were steady to up 4 and 1/2 cents at mostly 7-03 and 3/4. White club wheat had no price comparisons. There were no bids for nearby delivery for Hard Red Winter Wheat with 11.5 pct protein. DNS wheat with 14 pct protein prices was up 6 and 1/4 cents at mostly 8-10.

?October live cattle were up 72 and half cents Tuesday at 127-32 and half. October Feeder cattle were up $1.67 and half at 163-77 and half. October class III milk was up 12 cents at 18-04.