Wheat Futures Advance Higher

Last week's momentum continued Tuesday for wheat with all three markets. From the floor of the CME Group Joe Vacalvik shares his observations of Tuesday's markets.

Vaclavik "The wheat market is a full blown short covering affair right now. We've seen the market rally 50 or 60 cents in the span in two or three weeks. Interesting to note, that anybody that is short in the wheat market after the first of the year is now under water so we may have some more shorts running for the door here in the near term. Long term we still looking at world production that will be a record this year. Expanded global carryouts and a lot of things globally that could be negative for this wheat market."

Chicago March Wheat ended Tuesday up 13 and 1/2 cents at 6-12. March corn ended the day up 4 and 1/4 cents at 4-49 and 1/2.

Portland prices for soft white wheat were up 5 to 11 and 1/4 cents at mostly 7-27. White club wheat prices were up 5 to 11 and 1/4 cents at mostly 7-79 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 5 to 10 cents at mostly 8-44. DNS wheat with 14 percent protein prices were mixed down 21 and 1/4 to up 8 and 3/4 cents at 8-52 and 3/4.

April live cattle were up $1.02 and half Tuesday at 142-12 and half. March Feeder cattle were up $1.22 and half at 171.70. March class III milk was up 22 cents at 21-26.