Unpredictable Weather Patterns

This is Matt Rice with the Market Line Report for July 13th. Weather still playing a major factor in the grain market. Let's check in with Todd Horwitz from the floor of the CME in Chicago with the USDA, to hear his thoughts on the grain market.

Todd Horwitz "Wednesday's grains we see higher prices across the board and I don't think it's any real surprise, and forget about the USDA report. I think we're getting a gamble, again betting on the weather. I continue to ask again, if a degreed weather professional can't get it right enough to profit from the markets. What makes us think we can do so? I think we're setting ourselves up for another big fall, you've got a lot of major funds buying and buying and buying. I think becomes a much bigger issue."

Chicago July Wheat prices closed yesterday up 2 ¼, at 429 ½. July corn ended the day up 16, at 372 ¾. Portland prices for soft white wheat of Ordinary Protein for July ended the day unch to up 1 ¼, ranging from 5 even to 5-19 ¾. Hard Red Winter wheat with 11 ½ % protein, prices for July were dn ½, ranging from 4-92 ½ to 5-02 ½. DNS wheat with 14 % protein, prices for July were unch, ranging from 5-77 ½ to 5-97 ½. Aug Live Cattle were rebounding today, up $2.55, at 111.42 ½. Aug Feeder cattle were up 67 ½ cents to close the day at 139.05. July class III milk was up 5 cents at 15-26.