Corn Leads the Grain Markets

I’m KayDee Gilkey with the Market Line Report for April 30, 2013. ?
Grains closed sharply higher to start the week Monday with corn limit higher on
weather forecast for more rain and cooler temperatures later in the week which leads to
concerns about already delayed plantings. From the floor of the CME Group, Scott Shellady shares his observations of Monday’s markets.

Shellady: “Where does one begin? It was a big day lead by the grains on the floor at the CME Group. Obviously with the weather change, we saw a big pop in the corn market overnight and it continued throughout the day. If somebody would have told me that on April 29th, we’d be limit up because of too much water in the corn market -- I don’t know what I would have done. That’s something I haven’t seen and I’ve been doing it a long time.”

Chicago July Wheat ended Monday up 24 and 1/2 cents at 7-16 and 1/2. July corn ended the day limit up 40 cents at 6-59 and 3/4.??Portland prices for soft white wheat and club wheat were up 2 and 1/2 to 16 and 1/2 cents ranging between 7-70 and 7-91 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were up 20 and 1/4 cents at mostly 9-10 and 3/4. DNS wheat with 14 pct protein prices were up 14 and 1/2 cents at 9-44. ??June live cattle were down Monday a nickel at 122-55. August Feeder cattle were down $1.30 at 149-87 and half. June class III milk was up 32 cents at 19-58.