Wheat Market Moves Up But Ends Lower

On Tuesday morning wheat market was up however, the early rally failed to take out key psychological resistance at $7 before the market drifted low. Weather forecasts seem to be improving for getting more crops planted in the Black Sea region but fears of a smaller 2014 crop from the region remain as a concern. From the floor of the CME Group, Larry Shover shares his observations of Tuesday's markets.

Shover: "Well Tuesday's grain trade really just started off with a bang trading-wise quickly turned to nothing. We saw small losses across all three grains here at the CME. Moving on to wheat - wheat tends to have a mind of its own the last five to seven trading days. It did manage to post a small loss of about a penny today. Some people point to the fact that it is U.S. dollar-related. Some are saying that it just lacks fundamental data for the next leg up or leg down however, it seems when you look at options markets that traders seem to be very bullish on wheat long-term."

Chicago December Wheat ended Tuesday down 1 and 1/4 cents at 6-93 and 1/2. December corn ended the day down 7 and 1/2 cents at 4-41 and 3/4.??Portland prices are unavailable until government services resume.

?December live cattle were up 2 and half cents Tuesday at 132-32 and half. November Feeder cattle were up 85 cents at 166-32 and half. November class III milk was up 14 cents at 17-90.