Grains Keeping An Eye On Weather

This is Matt Rice with the Market Line Report for July 13th. Consumers and producers keeping their eye on the weather patterns to see how it will affect the market. Let's check in with Joe Vaclavik from the floor of the CME in Chicago with the USDA as he explains his predictions for the cattle market.

Joe Vaclavik "Grain markets here in Chicago mostly higher on Tuesday, following a monthly crop production report from Wednesday. If anything, the biggest surprise in the report is some of the corn carry out numbers, they're a little bit tighter than expected. That's due to two different things, one the government upped their projection for corn exports and two, the reduction in the feed and residual usage was not as big as we though based on the stock reports we saw a couple weeks ago. So a little bit friendly, but certainly not bullish by any means."

Chicago July Wheat prices closed yesterday up 7 ¾, at 415 ½. July corn ended the day up 6, at 350 ¼. Portland prices for soft white wheat of Ordinary Protein for July had a mixed market up 10 and down 1 ½, ranging from 5 even to 5-18 ½. Hard Red Winter wheat with 11 ½ % protein, prices for July were up 6 ¼, ranging from 4-93 to 5-03. DNS wheat with 14 % protein, prices for July were 2 ¾ to 7 ¾, ranging from 5-77 ½ to 5-97 ½. Aug Live Cattle were dn 45 cents, at 108.80. Aug Feeder cattle were also dn on the day, dropping 85 cents, to close the day at 138.50. July class III milk was up 2 cents at 15-21.