Wheat Up Slightly

Tuesday had a choppy and two-sided trade for the wheat market. Failure to take out Monday's reversal-day lows and some periodic fund and spec buying helped to support the bounce. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday's markets.

Vaclavik: "Grain markets were mixed here in Chicago on Tuesday. Corn was mostly lower, soybeans markets did come back and finished off the lows. We had the wheat was higher. The wheat market very strong today approaching multi-month highs in the wheat. We've had some better export demand it seems like we've had some good short-covering there. I wouldn't be surprise to see a lit bit more upside. Livestock markets here in Chicago were mostly higher."

Chicago December Wheat ended Tuesday up a penny at 7-00 and 3/4. December corn ended the day down 5 and 3/4 cents at 4-38 and 1/2.??Portland prices for soft white white were down 1 to 2 cents at mostly 7-34 and 1/4. White club wheat prices were mixed up a penny to down 4 cents at mostly 7-79 and 3/4. Hard red winter wheat with 11.5 percent protein prices for October were not available as most exporters are not issuing bids for nearby delivery. DNS wheat with 14 percent protein prices were up 4 and 1/2 cents ranging between 8-56 and 1/4 and 8-76 and 1/4.

?December live cattle were up $1.07 and half Tuesday at 132-97 and half. November Feeder cattle were up $1.45 at 167-85. November class III milk was up 20 cents at 18-46.