Grains Sharply Higher

Chicago and Kansas City wheat traded sharply higher on the day in what's mostly been short covering and positioning ahead of tomorrow's USDA report. From the floor of the CME Group, Joe Vaclavik shares his observations of Thursday’s markets.

Vaclavik: “The grain markets were sharply higher on Thursday lead by nearby corn and soybean contracts. We’ve got a big USDA report tomorrow morning, this is the May Crop REport its going to be will be out at 11 a.m. Chicago time. We are looking at the old crop balance sheet to remain pretty much unchanged. Maybe a small reduction in corn end stocks and maybe a small reduction in the soybean stocks but the trade isn’t looking for anything too exciting here.

Chicago July Wheat ended Thursday up 17 and 1/2 cents at 7-34 and 1/2. July corn ended the day up 15 and 3/4 cents at 6-48 and 3/4.??Portland prices for soft white wheat and club wheat were up 12 and 1/2 to 15 cents at mostly 7-81 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were up 19 cents at mostly 9-09 and 1/4. DNS wheat with 14 pct protein prices were up 9 and 1/4 cents at 9-41 and 1/2. ??June live cattle were up Thursday 35 cents at 120-55. August Feeder cattle were up 65 cents at 145.97 and half. June class III milk was up 4 cents at 18-38.