Wheat Saw Support Tuesday

Wheat saw support from the USDA report released on Tuesday. From the floor of the CME Group, Virginia McGathey shares her observations of Tuesday’s markets.
McGathey: “Tuesday’s market day really brought in a choppy market. Right now corn is right now unchanged. The numbers were really tight but the view that the crop is really going to be better this year really kept the market in check — it is up about a half of a cent about that. Wheat, on the the other hand, did get a little bit of a pop. We’ve got a little bit of tighter supply than we thought. The market rallied up to about 4-96 at this point then came back down — we’re still up a couple of cents, but right now up the market looks like it is consolidating and moving sideways.”
Chicago May Wheat ended Tuesday up 3 and 1/4 cents at 4-93 and 1/4. May corn ended the day down 3/4 of a cent at 3-88.
Portland prices for soft white wheat of ordinary protein were steady to up 3 and 1/4 cents at mostly 6-29 and 1/4. White club wheat of ordinary protein prices were steady to up 3 and 1/4 cents at mostly 8-49 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 5 and 1/2 cents at mostly 6-48. DNS wheat with 14 percent protein prices were up 4 cents at mostly 8-78 and 3/4.
April live cattle were up 75 cents on Tuesday at 154-75. April Feeder cattle were up $2.10 at 210-50. April class III milk was up 21 cents at 15-47.