Big Rally for Grains on Tuesday

Happy to report that farmers are smiling at the Spokane Ag Expo with a big rally in the grain markets. From the floor of the CME Group, Alexandra Lively shares her observations of Tuesday’s markets.
Lively: “Analysts say that higher oil has helped grains as well as other factors that led to a turnaround Tuesday in the grain complex. Grain markets were able to turn higher over night and traded higher throughout the morning session. After many contracts — some even just yesterday made new lows for the move — new multi-month low close and broke key support that traders have been watching for weeks. Nearly every single futures contract in soybeans, corn and Chicago and Kansas City wheat were trading up double digits.”
Chicago May Wheat ended Tuesday up 21 cents at 5-13 and 3/4. May corn ended the day up 16 cents at 3-85 and 3/4.
Portland March prices for soft white wheat of ordinary protein were mixed down 32 and 1/4 to up 12 and 1/4 cents at ranging between 6-35 and 6-42 and 3/4. White club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were up 24 and 1/2 cents at mostly 6-64. DNS wheat with 14 percent protein prices were up 22 to 47 cents at mostly 8-61.
April live cattle were up 97 and half cents on Tuesday at 150-57 and half. April Feeder cattle were down $1.00 at 199-90. April class III milk was up 14 cents at 15-62.