Big Gain in Wheat Market

(AgInfo Network) – Drought conditions in the western plains and hopes that the US will begin to see an increase in export demand pushed Chicago March wheat to a new high on Tuesday. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “All the grains are up today, up substantially actually from where they’ve been even the last couple of  days. The big story with wheat is obviously shrinking global supply. One trader I spoke to earlier today, sited the global supplies worldwide are a lot smaller but the U.S will probably save the day with our supply chain being in a little bit better shape than Europe.”

Chicago December Wheat ended Monday up 24 cents at 8-73. December corn ended the day up 12 and 3/4 cents at 7-60.

Portland prices for soft white wheat were up 15 to 24 cents at mostly 8-93 and 3/4s with club wheat having no price comparisons. Hard Red Winter Wheat with 11.5 pct protein prices were up 21 and 1/2 to 26 and 1/2 cents at mostly 10-07 and 1/4. DNS wheat with 14 pct protein prices were up 16 and 1/2 to 22 and 1/2 cents at mostly 10-25 and 1/2.
December live cattle were down Tuesday 3 cents  at 128-38. January Feeder cattle were down 43 cents at 146-93. December class III milk was down 18 cents at 18-90.