Wheat Higher on Wednesday

Wheat Higher on Wednesday

I’m KayDee Gilkey with the Market Line Report for July 31, 2014.
Wheat markets across the board were higher on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade saw a little bit of a pop in the wheat market, but we are really vacillating in this new territory and what I think we’ve found is a new range. You can look at corn down at$3.60 range I want to be a buyer because I think we’ve found that comfortable level where supply and demand will meet. I think we will see some rally from here. Wheat somewhere $5 to $5.40 I think those are pretty solid levels but in these grain markets I’m looking to really be a buyer here.”
Chicago September Wheat ended Wednesday up 7 and 1/4 cents at 5-27 and 1/4. September corn ended the day up a 1/4 of a cent at 3-61 and 3/4.
Portland prices for soft white wheat were up a 1/4 of a cent to 7 and 1/4 cents at mostly 6-76 and 1/4. White club wheat prices were up 7 and 1/4 to 12 and 1/4 cents at mostly 7-44 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 5 and 1/2 cents at mostly 7-25. DNS wheat with 14 percent protein prices were up 2 and 1/4 cents at mostly 7-95 and 3/4.
October live cattle were up 85 cents on Wednesday at 159-92 and half. September Feeder cattle were up $1.75 at 224-20. September class III milk was down 8 cents at 21-30.

 

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