Wheat Rallies on Thursday

I’m KayDee Gilkey with the Market Line Report for August 15, 2014.
Thursday brought a rally to the wheat markets. From the floor of the CME Group Frank Lesh shares his observations of Thursday’s markets.
Lesh: “Agricultural prices were higher on Thursday’s trade. We had December corn up 4 cents, November beans were up 9 and September wheat up 8 cents. What we really got going here is a bit of an over sold bounce here. We’ve got funds and a lot of traders are short these markets — as we all well know. We have Tuesday’s report which was basically a neutral report — certainly judging by the reaction to the report.”
Chicago September Wheat ended Thursday up 9 and 1/4 cents at 5-37 and 1/4. September corn ended the day up 4 cents at 3-62.?Portland prices for soft white wheat were up 19 and 1/4 to 22 cents at mostly 6-83. White club wheat prices were down 15 and 3/4 to 18 cents at mostly 7-76 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up 4 cents at mostly 7-04. DNS wheat with 14 percent protein prices were mixed down 3 and 3/4 to up 1 and 1/4 cents at mostly 7-63 and 3/4.
October live cattle were up 80 cents on Thursday at 147-35. September Feeder cattle were down 50 cents at 213-05. September class III milk was up 64 cents at 22-70.