Wheat Market Continues Higher

I'm KayDee Gilkey with the Market Line Report for September 27, 2013.

Wheat extended its gains on Thursday on good buying while corn had light

gains and soybeans closed lower. Wheat indicators have turned positive with

good export demand. From the floor of the CME Group, Larry Shover shares his observations of Thursday's markets.

Shover: "Wheat is on a tear up 8 cents and up for seven sessions in a row. The most interesting fact about wheat is that it is flying in the face of corn and soybeans which have been lagging behind. It seems like there is a new chart action in place for wheat. Is it separating itself finally from the row crops.The ability to rally is just stunning traders and caught a lot of short trading at the end of the day."

Chicago December Wheat ended Thursday up 7 and 3/4 cents at 6-78 and 1/4. December corn ended the day up 2 cents at 4-56 and 3/4.??Portland prices for soft white wheat were up 2 and 3/4 to 10 cents at mostly 7-13 and 3/4. White club wheat prices were up 7 and 3/4 to 9 and 1/2 cents at mostly 7-50 and 1/2. 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 between 8-14 and 1/2 to 8-39 and 1/2.

?October live cattle were up 15 cents Thursday at 127-70. October Feeder cattle were up $1.45 at 164-37 and half. October class III milk was up 8 cents at 18 even.