Wheat Has Modest Gains on Wednesday

Grains all closed with slight to modest gains on Wednesday. Wheat closed higher on the risk cold temperatures damaging winter wheat. From the floor of the CME Group Virginia McGathey shares her observations of Wednesday's markets.

McGathey: "Wheat had a little bit more of a range today maybe a 10 cents range up and down. Closed up just about 2 cents still the market is looking strong. I think that it looks like the bottom is in. I think that there is not too many people looking to sell too much, a lot of options also buying that is keeping market very strong. We're looking at whether the market is really turned as we come into the spring weather. A lot of the snow has basically stopped the transport of a lot of the grains right now."

Chicago March Wheat ended Wednesday up 3 cents at 5-87 and 1/2. March corn ended the day up 1 and 1/2 cents at 4-43 and 1/4.

Portland prices for soft white white were down 7 to 12 cents at mostly 7-13. White club wheat prices were down 7 to 12 cents at mostly 7-66. Hard Red Winter wheat with 11.5 percent protein prices were mixed down 15 and 1/4 to up 14 and 3/4 cents at mostly 8-06 and 1/4. DNS wheat with 14 percent protein prices were mixed down 2 to up 18 cents at 8-29 and 1/2.

February live cattle were up a dime Wednesday at 139-70. March Feeder cattle were down a nickel at 166.92 and half. March class III milk was up 31 cents at 20-83.