Soy Beans Taking Control

This is Matt Rice with the Market Line Report for June 16th. Grains looking strong as we come into the home stretch of the 2nd QT. Wheat trending higher due to soy beans big rally, but both at the mercy of this weekend's weather forecast. Let's check in with Chris Robinson from the floor of the CME in Chicago.

Robinson "Good afternoon, from the floor of the CME this is Chris Robinson with you grain grain comment here today, Wednesday the 15th of June. Pretty good action over night in the grains and then we've had some sell off here. What are we watching? Massive long positions for the manage funds in both corn and beans. Along 230,000 contracts of corn, probably 250,000 contracts of beans. Vise versa they're short about 75,000 contracts of wheat."

Chicago July Wheat prices closed yesterday dn 7 ½, at 478 ¼. July corn ended the day dn 7 ½, at 428 ¾. Portland prices for soft white wheat of 10 ½ % protein for June were up 12 ½ to unch, ranging from 5-37 ½ to 5-60. Hard Red Winter wheat with 11 ½ % protein, prices for June were up 3 ¼ and dn 1 ¾, ranging from 5-31 ¾ to 5-41 ¾. DNS wheat with 14 % protein, prices for June were dn 2 ¼, ranging from 6-25 ½ to 6-40 ½. June Live Cattle closed yesterday dn $1.77 ½, at 117.25. Aug Feeder cattle were dn $1.90, at 140.37 ½. June class III milk was unch, steady at 13-25.