Drought in the Ukraine

I'm Tom Allen with the Market Line Report for October 30th. The grain market has moved forward some. Oliver Sloup from II Trader tells us the wheat market is getting some nice gains over concerns regarding the drought in the Ukraine.

Sloup: As long as we can hold 372 to 373 and ½ I think we do have a bottom forming in this market. The risk is vid to the upside. Corn also getting a boost from its relative the wheat market today. Getting some nice gains on some concerns on droughts over in Ukraine, it is going to be something to keep an eye on. The fear premium priced into the market right now. We start to see that subside that's going to drag wheat down and corn down with it.

Chicago December wheat ended yesterday up 9, at 515 3/4. December corn ended the day up 4, at 380.

Portland prices for soft white wheat of ordinary protein for December, were up up 9.00-unch, at mostly 5.6500 . Hard Red Winter wheat with 11 ½ % protein, prices for December were up 2.75, at 5.9325-6.1325 . DNS wheat with 14 % protein, prices for December were up 4.00 at 6.3500-6.7000.

October live cattle closed yesterday up $.45, at 140.00. October Feeder cattle were down $.35, at 193.15. October class III milk was down 2 cents, at 15-45.