Wheat Has Modest Gain

Ideas that Argentina may soon limit exports until there is a better handle on the crop size and talk that Black Sea prices are on the rise which could spark improving demand for US wheat are factors helped support Wednesday's wheat market. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday's markets.

Horwitz: "Wednesday's grain trade -- we saw a slightly higher market. We see corn holding at the 4-40 level. Wheat holding at the $7 level so the markets are a little bit higher, showing a little bit strength. But I think what we are going to see is the overall resumption of the downward trend."

Chicago December Wheat ended Wednesday up a penny at 7-01 and 3/4. December corn ended the day up 4 and 1/2 cents at 4-42 and 3/4.??Portland prices for soft white white were up a penny at mostly 7-35 and 3/4. White club wheat prices were up a penny at mostly 7-80 and 3/4. Hard red winter wheat with 11.5 percent protein prices were up 4 and 1/4 to 5 and 1/4 cents ranging between 8-64 and 3/4 and 8-79 and 3/4. DNS wheat with 14 percent protein prices were mixed up 2 and 1/2 to down 2 and 1/2 cents ranging between 8-58 and 3/4 and 8-73 and 3/4.

?December live cattle were down 22 and half cents Wednesday at 132-75. November Feeder cattle were down 22 and half cents at 167-62 and half. November class III milk was up 9 cents at 18-55.