Monday Brings a Rally in the Wheat Markets

I’m KayDee Gilkey with the Market Line Report for March 17, 2015.
Monday had a rally across the board in the wheat markets. From the floor of the CME Group Jack Scoville shares his observations of Monday’s markets.
Scoville: “Wheat was the higher market here today. Seeing some followthrough fund type buying spec-type buying — we’ve been chomping through some moving averages here over the past couple of sessions. Today we broke some other chart points and found additional fund buying and that it is what really pushed the market up to its highs. Some disappointment being expressed by the weather over the weekend. Central and Southern Plains really didn’t get the rain they were predicted to get and that was really disappointing and helped to support the rally.”
Chicago May Wheat ended Monday up 12 cents at 5-14. May corn ended the day down 1 and 1/2 cents at 3-79.
Portland prices for soft white wheat of ordinary protein were steady to up 12 cents at mostly 6-39 and 1/2. White club wheat of ordinary protein prices were steady to up 12 cents at mostly 8-53 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were up 15 and 3/4 cents at mostly 6-68. DNS wheat with 14 percent protein prices were up 13 and 1/2 cents at mostly 8-90.
April live cattle were down $1.07 and half on Monday at 153-20. April Feeder cattle were down $1.17 and half at 210-05. April class III milk was down a penny at 15-39.