Corn and Wheat Mostly Higher Tuesday

I’m KayDee Gilkey with the Market Line Report for December 24, 2014.

Wheat and corn both ended Tuesday mostly higher. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.

Vaclavik: “In the wheat market, the traders continue to push and pull with these Russian headlines. Russia is going to restrict some wheat exports out of the country. This is going to open up a little bit of wheat export business to other countries. It doesn’t appear at this point in time that the U.S. is going pick up any of this business — the U.S. is overpriced on the world market relative to others like the EU, Canada, Australia and a couple of others. At the moment I don’t know this wheat rally is founded in anything fundamental here in the United States. I think it is driven run by speculative money and at the end of the day we might be overpriced.”

Chicago March Wheat ended Tuesday up 9 and 3/4 cents at 6-35 and 1/2. March corn ended the day up 2 and 1/4 cents at 4-14.

Portland January prices for soft white wheat of ordinary protein were steady to up 9 and 3/4 cents ranging between 6-85 and 7-13 and 1/2. White club white had no price comparisons. Hard Red Winter wheat with 11.5 percent protein January prices were up 2 to 7 cents ranging between 7-49 and 3/4 and 7-59 and 3/4. DNS wheat with 14 percent protein January prices were mixed down 38 and 1/2 to up 6 and 1/2 cents ranging between 8-91 and 1/2 to 9-51 and 1/2.

February live cattle were down 22 and half cents on Tuesday at 160-60. March Feeder cattle were down $3.70 at 215-27 and half. January class III milk was down 52 cents at 16-26.