Continued Higher Prices Across the Grains

I’m KayDee Gilkey with the Market Line Report for October 30, 2014.
Wheat is benefiting from demand in other grains as prices are higher across the complexes. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain — big rally. Markets are moving and as we’ve talked about a couple of times in the last couple of weeks — the markets were looking for bottoms and it looks like they’ve found them. We saw a very nice rally — soybeans have rallied 15 percent off the lows. Corn has rallied 20 percent off the lows and wheat has rallied about 8 percent off the lows. It looks like now I would say — I’m not a seller here — but I think you might want to take some profit off the table here. I think probably $3.80 upside in corn here short-term.”
Chicago December Wheat ended Wednesday up 7 and 1/2 cents at 5-38 and 1/4. December corn ended the day up 10 and 3/4 cents at 3-75 and 1/4.
Portland prices for soft white wheat were steady to up 12 and 1/2 cents at mostly 7-01 and 1/2. White club wheat prices had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were mixed down a half of a cent to up 4 and 1/2 cents at mostly 7-61 and 1/2. DNS wheat with 14 percent protein prices were up 5 and 3/4 cents at mostly 9-27 and 1/2.
December live cattle were down $1.02 and half on Wednesday at 166-75. November Feeder cattle were down 60 cents at 233-05. November class III milk was up 6 cents at 21-37.