Double Digit Gains Across the Wheat Markets Tuesday

I’m KayDee Gilkey with the Market Line Report for October 8, 2014.
Chicago Decs Wheat moved above the $5 level on Tuesday. From the floor of the CME Group Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets here in Chicago were mostly higher on Tuesday. We had a sharply higher trade in the corn market, mixed trade in the soybeans and sharply higher trade in the wheat market. We had a little bit of a rally here to begin the week and I think there is a few different reasons for it. First off we have some minor weather issues here in the U.S. regarding harvest. Rains across a good chunk of the Corn Belt have slowed down harvest progression throughout a lot of areas of country. I think what these harvest delays did — if anything —I think they were a catalyst for some short covering in these grain markets.”
Chicago December Wheat ended Tuesday up 14 and 3/4 cents at 5-06 and 1/4. December corn ended the day up 8 cents at 3-40 and 1/2.
Portland prices for soft white wheat were mixed down a 1/4 of a cent to up 6 and 3/4 cents at mostly 6-67 and 1/2. White club wheat prices were up 4 and 3/4 cents to up 6 and 3/4 cents at mostly 9-15. Hard Red Winter wheat with 11.5 percent protein prices were up 2 and 3/4 to 12 and 3/4 cents at mostly 7-36 and 1/4. DNS wheat with 14 percent protein prices were up 13 and 3/4 cents at mostly 8-90 and 1/2.
December live cattle were up $1.55 on Tuesday at 167-85. November Feeder cattle were up $2.15 at 242-42 and half. November class III milk was down 29 cents at 21-30.