Wheat Market Bullish on Monday

Bullish news for wheat on Monday as the USDA Report had both U.S. and world ending stocks cut more than expected. From the floor of the CME Group Joe Vaclavik shares his observations of Monday's markets and results of USDA report.

Vaclavik: "The wheat market acted the best today. Started out the day on Monday higher and finished sharply higher. We had a reduction in the carryout projection the new number 558 million bushels —we were looking for a number closer 600 like the corn and soybeans — exports were the culprit. Market looking a little bit friendly here but again lower closes in the corn and soybean really the poor performance in the corn market being the tale of the day."

Chicago March Wheat ended Monday up 7 and 1/4 cents at 5-84 and 3/4. March corn ended the day down 1 and 1/4 cents at 4-43.

Portland prices for soft white white were up 7 and 1/2 cents at mostly 7-10. White club wheat prices were up 5 and 1/2 to 7 and 1/2 cents at mostly 7-63 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were mixed down a 1/4 of a cent to up 10 and 3/4 cents at mostly 8-14 and 1/4. DNS wheat with 14 percent protein prices were up 9 and 1/2 cents at 8-33 and 3/4.

April live cattle were down 22 and half Monday at 140-17 and half. March Feeder cattle were up a dime at 167.90. March class III milk was down 22 cents at 20-50.