Weather Rules Grain Market

I’m KayDee Gilkey with the Market Line Report for May 7, 2013. ?
A new development over the weekend with the grain exporters.  Columbia Grain has now locked out the International Longshore and Warehouse Union workers.  The contract dispute is not going away.  Columbia Grain and United Grain will now be operating without union employees. From the floor of the CME Group, Frank Lesh shares his observations of Monday’s markets.

Lesh: “Monday’s grain trade are on the defensive here today. What is going on it is a change in the weather pattern -- or at least a change in perception of the weather pattern. This past week and weekend we had less rainfall than expected -- that is a good thing. We have gotten more than our fair share recently of course. Going forward it looks like we’re looking at a little less rainfall predicted and as well it looks like scattered coverage out there.”

Chicago July Wheat ended Monday down 18 and 1/4 cents at 7-02 and 3/4. July corn ended the day down 24 and 3/4 cents at 6-36 and 1/2.??Portland prices for soft white wheat and club wheat were down 8 and 1/4 to 15 cents at mostly 7-59. Hard Red Winter Wheat with 11.5 pct protein prices were down 21 and 1/4 cents at mostly 8-88 and 3/4. DNS wheat with 14 pct protein prices were down 13 and 1/4 to 18 and 1/4 cents at 9-23 and 3/4. ??June live cattle were down Friday 52 and half cents at 121-30. August Feeder cattle were down a nickel at 147-45. June class III milk was down 5 cents at 18-86.