Wheat Up Again

Wheat continues to build on its recent rally. From the floor of the CME Group Frank Lesh shares his observations of Tuesday's markets.

Lesh: "Tuesday's trade was pretty much really dominated by the data we saw Monday — USDA Feb. Crop Production and Supply and Demand. Corn was up to $4.50 but it was the one that backed off a bit. It was probably the more bullish report was on corn but performance on corn wasn't quite as good. We do have producers selling into these rallies in these markets. That is expected to increase. Here we are in mid-February and as we get into March these supplies are going to be coming to market."

Chicago March Wheat ended Tuesday up 5 and 1/2 cents at 5-90 and 1/4. March corn ended the day down 1 and 1/4 cents at 4-41 and 1/2.

Portland prices for soft white wheat were up 4 to 5 and 1/4 cents at mostly 7-14 and 1/2. White club wheat prices were up 4 to 4 and 1/4 cents at mostly 7-67 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 7 and 3/4 to 12 and 3/4 cents at mostly 8-25. DNS wheat with 14 percent protein prices were down 3/4 of a cent to 20 and 3/4 cents at 8-28.

April live cattle were up $1 even Tuesday at 141-17 and half. March Feeder cattle were up 87 and half cents at 168.77 and half. March class III milk was up 49 cents at 20-99.