Wheat Market Higher

Egypt bought 60,000 tonnes of wheat from Romania for shipment in late December. This may have limited the strength for the market on Tuesday but global demand still looks to be on an uptick and this helped to support. From the floor of the CME Group, Frank Lesh shares his observations of Tuesday's markets.

Lesh: "Grain markets were mixed today. March corn was up 6 cents. January beans were down about 2 cents and March wheat was up 7 cents on the day. We're seeing some short covering by the funds. They are short big time corn and wheat right now. There is always that distinct possibility any day that we will see a short covering rally. We did see some of that in Tuesday's trade I should say."

Chicago March Wheat ended Tuesday up 6 and 1/2 cents at 6-68 and 1/4. March corn ended the day up 6 and 3/4 cents at 4-31 and 1/4.??Portland prices for soft white white were up 6 and 1/2 to 10 and 1/2 cents at mostly 7-28 and 1/4. White club wheat prices were up 6 and 1/2 to 10 and 1/2 cents at mostly 7-53 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 5 and 3/4 cents at mostly 8-07 and 1/2. DNS wheat with 14 percent protein prices were up 7 cents at mostly 8-41 and 1/2.

?February live cattle were down 17 and half cents Tuesday at 134-10. January Feeder cattle were down 50 cents at 164-85. January class III milk was up 43 cents at 18-40.