Huge Wheat Rally on Thursday

I’m KayDee Gilkey with the Market Line Report for May 15, 2015.
I’m in Pullman at the Washington State FFA Convention and Thursday brought a huge rally in the wheat markets.From the floor of the CME Group Oliver Sloup shares his observations of Thursday’s markets.|
Oliver: “It was a wild day in the wheat market — trading much, much higher. It caught a few traders off guard, including myself. I was down in the pits and I heard about 20 different rumors from 20 different people on why we were trading so high: anything from El Nino affecting South African crops; news from the Black Sea — that’s Russia and Ukraine— and the weaker dollar. So you have a lot of these factors coming in and scary a lot of folks who were short going into this session.”
Chicago July Wheat ended Thursday up 32 and 3/4 cents at 5-14 and 1/4. July corn ended the day up 5 and 3/4 cents at 3-68.
Portland prices for soft white wheat and white club wheat of ordinary protein were not available as most exporters are not issuing bids for nearby delivery. Hard Red Winter wheat with 11.5 percent protein prices were up 30 and 3/4 to 33 and 3/4 cents at mostly 6-40 and 1/4. DNS wheat with 14 percent protein prices were up 35 and 1/4 cents at mostly 7-64 and 1/2.
June live cattle were up $1.82 and half on Thursday at 153.80. August Feeder cattle were up $1.32 and half at 218.95. June class III milk was down 6 cents at 16-71.