Another Up Day for Wheat Markets But Correction in Cattle Markets Tuesday

I’m KayDee Gilkey with the Market Line Report for October 15, 2014.
While the wheat markets experienced another up day it was a sea of red in the cattle markets with many contracts ending day at or near limit down. From the floor of the CME Group Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets here in Chicago were sharply higher on Tuesday. We had new multi-week highs in the corn market and a firm trade in the wheat market. There may not be one great explanation for the rally we’ve seen this week and for the volatility we’ve seen during the last two or three days. On Friday, we saw a big down day in these markets as a result of a USDA Report. We saw a lot of those losses removed here on Monday and again on Tuesday. I think we are seeing is some big time short-covering here in the corn market.”
Chicago December Wheat ended Tuesday up 4 cents at 5-09 and 1/4. December corn ended the day up 11 cents at 3-57.
Portland prices for soft white wheat were up 4 to 5 cents at mostly 6-74 and 1/2. White club wheat prices were up 4 cents at mostly 9-22. Hard Red Winter wheat with 11.5 percent protein prices up 6 to 21 cents at mostly 7-48 and 1/4. DNS wheat with 14 percent protein prices were up 5 and 1/2 cents at mostly 9-05 and 1/4.
December live cattle were down $2.77 and half on Tuesday at 163-92 and half. November Feeder cattle were limit down $3 at 237-15. November class III milk was up 41 cents at 21-97.