Grains Start With A Bang

This is Matt Rice with the Market Line Report for April 29th. Grains starting the day of with a bang, as prices fall into place after yesterday's market came to a close. Oliver Sloup goes over the recap with II Trader from the floor of the CME in Chicago.

Sloup "With the bidding really starting at 7:30 this morning, after export sales came out. Corn export sales were phenomenal, through the roof, about 2.6 million, way above market expectation. So we've seen that carry us into a stronger tone here today. We got above some key technical levels. 3-86 and 3-88 were the level that we were watching, as well as the 200 day moving average."

Chicago May Wheat prices were up 1 ¼ yesterday, at 474 ¼. May corn ended the day up 6 ¼, at 388. Portland prices for soft white wheat of 10 ½ % protein for May were up 1 ½ -unch, ranging from 5-40 ½ to 5-75. Hard Red Winter wheat with 11 ½ % protein, prices for April had a mixed market dn 2 ½ and up ½, ranging from 5-46 ½ to 5-49 ½. DNS wheat with 14 % protein, prices for April were dn 2 ¼ to 6 ¼, ranging from 6-21 ¼ to 6-37 ¼. April Live Cattle closed the day dn $3.15, at 122.50. April Feeder cattle were dn 77 ½ cents, at 145.52 ½. April class III milk was unch at, 13-62.