Wheat Higher on Tuesday

I’m KayDee Gilkey with the Market Line Report for November 12, 2014.
All grains were higher Tuesday. From the floor of the CME Group Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “We had a higher trade in the corn market. We had a higher trade in the wheat market and a sharply higher trade in the soybean market. This trade in the soybean market was the real story here today. New multi-month highs across the board. The story here is revolving around a shortage in the soybean meal market. Part of it has to do with logistics problems here in the U.S. It is a well-known fact that the railway system has been clogged up for months and months and months. The corn and wheat market are also strong here. The corn has been trending higher since the earlier part of October that trend continued here on Tuesday. The wheat market has not been acting well, but did catch a bid off the higher trade in the soybean market and the corn market.
Chicago December Wheat ended Tuesday up 8 cents at 5-25 and 1/4. December corn ended the day up 4 and 1/2 cents at 3-73 and 3/4.
Portland prices for soft white wheat were up 7 and 3/4 to 8 cents at mostly 6-91 and 1/2. White club wheat prices were up 8 cents at mostly 9-37 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 5 and 1/2 cents at mostly 7-29 and 1/2. DNS wheat with 14 percent protein prices were up 12 and 1/2 cents at mostly 9-11 and 1/4.
December live cattle were up 12 and half cents on Tuesday at 167-25. January Feeder cattle were down a dime at 232-65. December class III milk was down 33 cents at 18-66.