Double Digit Gains for Wheat and Limit Up on Feeders Futures on Monday

I’m KayDee Gilkey with the Market Line Report for December 2, 2014.
Monday had very strong wheat and feeder cattle future prices. From the floor of the CME Group, Alexandra Lively shares her observations of Monday’s markets.
Lively: “Corn and soybeans were under selling pressure for most of the morning session where wheat found support with March trading at three-month highs. Some estimates are calling for Russian grain production to fall next year by 17 percent which has fueled talk on the floor that Russia may consider a floating tariff on grain exports as a last resort in 2015. Traders were also mentioning back in 2010 when Russia banned all grain exports causing a huge rally in grain markets.”
Chicago March Wheat ended Monday up 28 and 1/4 at 6-06 and 3/4. March corn ended the day up a penny at 3-89 and 3/4.
Portland Wednesday’s prices for soft white wheat were up 40 to 44 cents at mostly 7-61 and 3/4. White club wheat prices were had no price comparisons at mostly 10-03 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 36 to 41 cents at mostly 7-90 and 1/4. DNS wheat with 14 percent protein prices were up 25 to 35 cents at mostly 9-90 and 3/4.
February live cattle were up $1.62 and half on Monday at 170-85. March Feeder cattle were limit up $3 at 233-20. January class III milk was down 59 cents at 16-21.