Wheat Ends Wednesday Double Digits Higher

I’m KayDee Gilkey with the Market Line Report for November 13, 2014.
Wheat had double digit gains across the three markets. A great way to begin the Tri-State Grain Growers Convention today. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade saw mixed prices but really drastic move in the wheat to the upside, soybeans to the downside and corn up but not as big as the rest. But I think we’ve seen and we’ve looked for rallies in these products and I think we’ve seen them. Now I don’t know that it is really now time to short the products here but I think you want to lighten up on the longs and look for new entries and new opportunities to buy here.”
Chicago December Wheat ended Wednesday up 17 and 1/2 cents at 5-42 and 3/4. December corn ended the day up 4 cents at 3-77 and 3/4.
Portland prices for soft white wheat were mixed down 2 to up 17 and 1/2 cents at mostly 7-02 and 3/4. White club wheat prices were up 12 and 1/2 to 17 and 1/2 cents at mostly 9-49 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 15 and 3/4 to 20 and 3/4 cents at mostly 7-49 and 1/4. DNS wheat with 14 percent protein prices were up 14 and 1/2 to 24 and 1/2 cents at mostly 9-29 and 1/4.
December live cattle were up 50 cents on Wednesday at 167-75. January Feeder cattle were up 72 and half cents at 233-37 and half. December class III milk was up 22 cents at 18-88.