Friday Wheat Rally

Wheat futures finished the week with a flourish, closing with gains in the teens. From the floor of the CME Group, Greg Wagner shares his observations of Friday's markets.

Wagner: "Very interesting trade to end the week on Friday over at the CME group. The stellar performer without a doubt has to be wheat. Decs wheat closing up over $7. The ability of December wheat here in Chicago and of course you had Minneapolis and Kansas City up as well. The ability of the wheat to penetrate that $7 level is significant. It is coming off problems in South America and potential freezes in Argentina, and issues around the world."

Chicago December Wheat ended Friday up 19 and 3/4 cents at 7-05 and 3/4. December corn ended the day down 1 and 1/2 cents at 4-41 and 1/2.??Portland prices for soft white white were up 9 and 3/4 to 11 and 3/4s cents at mostly 7-40 and 3/4. White club wheat prices were up 9 and 3/4 to 11 and 3/4 cents at mostly 7-85 and 3/4. Hard red winter wheat prices with 11.5 percent protein were not available as most exporters were not issuing bids for nearby delivery. DNS with 14 percent protein were up 15 and 1/4 to 20 and 1/4 ranging between 8-60 and 1/4 and 8-80 and 1/4.

?December live cattle were up 25 cents Friday at 132-02 and half. November Feeder cattle were down a nickel at 166-85. November class III milk was up 3 cents at 18-32.