Wheat Continues Higher
The wheat markets continued its uptick Wednesday. From the floor of the CME Group Chris Robinson shares his observations of Wednesday's markets.
Robinson: "In the wheat, we've had a 65 cents rally in the past two and half weeks. A nice short-covering rally. Why do we know it is a short-cover rally? You look at commitment of traders last week and the funds are still net short wheat but they did buy back about 15,000 contracts. Nothing really fundamental have changed. Worldwide our grain is not as competitive as the rest of the world. You are starting to see the U.S. dollar at the 81 level — I've talked about this before — the dollar has gotten a bit cheaper and has made our grain a little more attractive."
Chicago March Wheat ended Wednesday up 8 and 1/4 cents at 6-20 and 1/4. March corn ended the day up 4 and 1/4 cents at 4-53 and 3/4.
Portland prices for soft white wheat were unchanged to up 6 cents at mostly 7-32 and 3/4. White club wheat prices were unchanged to up 6 cents at mostly 7-85 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 5 and 3/4 cents at mostly 8-49 and 3/4. DNS wheat with 14 percent protein prices were up 3 and 3/4 cents at 8-56 and 1/2.
April live cattle were down 30 cents Wednesday at 141-82 and half. March Feeder cattle were down 52 and half at 171.17 and half. March class III milk was up 7 cents at 21-33.