Strong Wheat Prices on Tuesday

Markets began Tuesday choppy, but ended strong for wheat markets. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday's markets.

Vaclavik: "We'll start with the wheat market where we saw new multi-month highs closes in most contracts across the board. We've got a kind of a double-edge sword with this wheat market. The first big thing that has been in the news is this Ukraine Russia situation. A lot of traders are fearful that we eventually will see wheat exports restricted or totally eliminated out of the Ukraine which could result in greater demand of wheat out of the U.S. and other countries like India."

Chicago May Wheat ended Tuesday up 18 and 1/4 cents at 6-59. May corn ended the day up a nickel at 4-83 and 1/4.

Portland prices for soft white wheat were up 4 to 9 and 1/4 cents at mostly 7-37. White club wheat prices were mixed down 3/4 of a cent to up 14 cents at mostly 7-92. Hard Red Winter wheat with 11.5 percent protein prices were up 7 and 1/4 to 17 and 1/4 cents at mostly 8-65 and 1/2. DNS wheat with 14 percent protein prices were up 9 and and 1/4 to 14 and 1/4 cents at 8-77.

April live cattle were up 7 and half cents Tuesday at 143-22 and half. April Feeder cattle were down 15 cents at 175-57 and half. April class III milk was down 3 cents at 21-39.