Wheat Finds Momentum

This is Matt Rice with today’s Market Line Report for Wednesday. Wheat continues to find success in the market as traders see more bullish factors adding up. Let’s go to Virginia McGathey with the CME Group to hear more.

Chicago Soft Red Winter Wheat prices for March closed the day up 2 ¼, to finish at 8-08 ½. March Corn was up 2 ½, to close at 5-86. Kansas City Hard Red Winter Wheat prices for March were up 5, to settle at 8-27 ½.

Portland prices for Club Wheat with 10 ½ % Protein were Unch, ranging from 10-65 to 14-00. Soft white wheat with 10 ½ % Protein prices for Jan. were Unch, ranging from 10-65 to 11-50. Hard Red Winter Wheat with 11 ½ percent Protein prices for Jan. were up 5, ranging from 9-92 ½ to 10-22 ½. DNS wheat with 14 % protein, prices for Jan. were up 8 ¾, ranging from 11-36 ½ to 11-51 ½.

Live Cattle for Feb. were dn $.42 ½, closing at 139.22 ½. Jan. Feeder cattle were dn $.22 ½, to finish the day at 165.02 ½. Jan. Class III milk was up $.43 to settle at 19.71.