Wheat Markets Rallied on Wednesday

Wheat Markets Rallied on Wednesday

I’m KayDee Gilkey with the Market Line Report for July 24, 2014.
The grains markets rally on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.Horwitz: “Positive prices across the board although corn had to make a late kick at the end of the day to make into positive territory. I think we are starting to see some near term bottoms here. I think you need to watch these levels and look for some sort of bounce. First of all we’ve had some tremendous selling pressure in Decs corn and we’ve really taken out some key levels. Wheat has already been through this turbulance and made lows. I think if you look at the $3.60 to $3.65 level in corns and somewhere around the $5.00 to the $5.10 level in wheat — that is some great levels to start taking positions to the long side.”
Chicago September Wheat ended Wednesday up 6 and 1/4 cents at 5-30 and 3/4. September corn ended the day up 2 and 1/4 cents at 3-62 and 1/2.
Portland prices for soft white wheat were up 6 and 1/4 cents at mostly 6-73. White club wheat prices were up 6 and 1/4 cents at mostly 7-23. Hard Red Winter wheat with 11.5 percent protein prices were up 2 and 1/4 cents at mostly 7-24 and 1/2. DNS wheat with 14 percent protein prices were up 2 and 1/4 cents at mostly 8-04.
August live cattle were up a dime on Wednesday at 156-05. August Feeder cattle were up $1.22 and half at 217-25. August class III milk was up 20 cents at 21-80.

 

 

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