Wheat Market Sees a Bit of a Rally

I’m KayDee Gilkey with the Market Line Report for August 20, 2014.
Wheat markets had a bit of a rally on Tuesday. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets here in Chicago were mostly higher on Tuesday with the exception of some of the new soybeans contracts via the corn market was just marginally higher, a little bit of a rally in the the wheat market and mixed trade in the the soybean market. The wheat market a lot of back and forth, a lot of volatility that is coming along with this Ukraine-Russia situation which I think that is still the big wild card in the market. But with corn as cheap as it is, wheat unable to compete as a feed grain here. There may be a lid on any rally without some kind of rally in the corn market.”
Chicago September Wheat ended Tuesday up 3 and 1/2 cents at 5-46. September corn ended the day up 1 and 3/4 cents at 3-62 and 1/2.
Portland prices for soft white wheat were up 3 and 1/2 cents at mostly 6-85 and 3/4. White club wheat prices were up 3 and 1/2 cents at mostly 7-82. Hard Red Winter wheat with 11.5 percent protein prices were up 6 and 3/4 cents at mostly 7-22 and 1/2. DNS wheat with 14 percent protein prices were up 3 and 1/2 to 18 and 1/2 cents at mostly 7-72 and 3/4.
October live cattle were down $1.32 and half on Tuesday at 147-22 and half. September Feeder cattle were down $1.82 and half at 214-25. September class III milk was up 42 cents at 22-85.