Double Digit Gains in Wednesday's Wheat Markets

Double Digit Gains in Wednesday's Wheat Markets

I’m KayDee Gilkey with the Market Line Report for December 18, 2014.
It was a very strong day for the wheat futures with double digits gains and another day of red ink in that fats and feeder cattle futures. From the floor of the CME Group, Virginia McGathey shares her morning observations of Wednesday’s markets.
McGathey: “Today in the grain market we’ve got a little bit of action going on. Today wheat opened up doubled digits almost 14 cents trying to push to the $6-40 level. We’re having a ripple effect from what is happening in the oil market. With oil is so low Russia is in a little bit of a panic there. Their economy is getting hurt. The Ruble pretty much getting suppressed a lot and its got Russians worried and stopping some of the exports and that has really given a boost to the wheat and has it on a run now.”
Chicago March Wheat ended Wednesday up 25 and 1/4 cents at 6-48 and 1/2. March corn ended the day up 2 and 1/2 cents at 4-08.
Portland prices for soft white wheat and white club white had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were up 26 and 3/4 cents at mostly 7-79 and 1/2. DNS wheat with 14 percent protein prices were mixed down 4 and 1/2 cents to up 20 and 1/2 cents at mostly 9-52 and 3/4.
February live cattle were down $2.55 on Wednesday at 156-42 and half. March Feeder cattle were limit down at 212-25. January class III milk was up 17 cents at 15-75.

 

 

Previous ReportWheat Slightly Lower, Feeder and Fat Cattle Limit Down
Next ReportPositive Day in Cattle Futures and Slightly Higher in Wheat Markets