Potential Record Productions

This is Matt Rice with the Market Line Report for Aug 17th. Grains trading all over the board yesterday, record soybeans and corn production predicted for the rest of the year. Let's go to Joe Vaclavik as explains more from the floor of the CME in Chicago with the USDA.

Vaclavik "Grain markets here in Chicago mixed on Tuesday and a pretty quiet trading session. We've had the corn market, soybeans and the wheat markets trade both sides of unchanged. Row crop markets clearly digested that USDA report from this past Friday, in which the government estimated that we'd see record corn and soy bean production here in the US. Record yield numbers and record production estimates for both crops. I think we've got a lot of demand below the market, export demand has surged contra seasonally."

Chicago Sept. Wheat prices closed yesterday up 1 ½, at 423 ¾. Sept. corn ended the day up 1, at 328 ¼. Portland prices for soft white wheat of Ordinary Protein for Aug. ended the day up 1 ½ to unch, ranging from 4-93 ½ to 5-12. Hard Red Winter wheat with 11 ½ % protein, prices for Aug. were Dn ½, ranging from 4-91 ¼ to 5-21 ¼. DNS wheat with 14 % protein, prices for Aug. were up 1 ¼, ranging from 6-01 ½ to 6-16 ½. Aug Live Cattle were dn 42 ½ cents, to finish the day at 115.30. Aug Feeder cattle were Dn $1.52 ½, to close the day at 147.00. Aug. class III milk was unch at 17-00.