Wheat Market Rallies on Wednesday

I'm KayDee Gilkey with the Market Line Report for November 28, 2013.

March wheat broke out above a two-week consolidation range Wednesday and managed to close at its highest level since November 7th. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday's markets.

Horwitz: "Wednesday's grain trade saw some very interesting action. Very early in the day it looked like grains were going to the moon and then all of a sudden something happened to soybeans and they had a complete reversal off of $13.40 breaking down almost 9 cents for the day. Although corn and wheat continued higher. Interesting action. But what we are really seeing and what we've been looking for is a bounce in corn and we got it. So where are we going to go? I think $4.30 to 4.40 you look to be a seller."

Chicago March Wheat ended Wednesday up 7 and 1/2 cents at 6-63 and 1/2. March corn ended the day up 1 and 3/4 cents at 4-26 and 1/2.??Portland prices for soft white white were up 4 and 3/4 cents at mostly 7-12 and 3/4. White club wheat prices were up 4 and 3/4 cents at mostly 7-37 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 3 to 8 cents at mostly 7-99 and 1/2. DNS wheat with 14 percent protein prices were up 3 and 1/2 cents at mostly 8-39 and 3/4.

?February live cattle were up $1.07 and half Wednesday at 134-10. January Feeder cattle were up 95 cents at 165-32 and half. January class III milk was up 14 cents at 17-72.