Wheat Markets End Slightly Higher on Monday

I’m KayDee Gilkey with the Market Line Report for December 9, 2014.
Chicago and Kansas City wheat markets ended higher and both live and feeder cattle ended day limit down. From the floor of the CME Group, Chris Robinson shares his observations of Monday’s markets.
Robinson: “Kind of a interesting morning it looked like we might be going higher earlier. Today I think the word of the day is resistance. You had March corn trade up at the $4 level, $3.99 level which is within spitting distance of that high we had previously that was a five-month high. If you look at what is going on with wheat — again we got close it looked like we might have taken a run in March wheat at the $6.11. We got to $6.05 and then backed off. So we’ve got technical resistance number one. Number two — you’ve got where the funds are. They are long — about 4,000 in wheat now. They’re still long 217,000 contracts of corn.”
Chicago March Wheat ended Monday up 4 cents at 5-98. March corn ended the day down 4 and 3/4 cents at 3-90 and 1/4.
Portland prices for soft white wheat were steady to up 4 cents at mostly 7-01 and 1/4. White club wheat prices were up 4 cents at mostly 9-78 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were steady to down a dime at mostly 7-52 and 1/4. DNS wheat with 14 percent protein prices were down a penny at mostly 9-62.
February live cattle were limit down $3 on Monday at 161-87 and half. March Feeder cattle were limit down $3 at 228-22 and half. January class III milk was down 26 cents at 15-89.