Grain Markets Higher

Chicago and Kansas City wheat traded higher on the day Monday and followed the lead of the corn market but export inspections provided lift midday as well. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.

Vaclavik: “Grain markets were sharply higher here on Monday. We had nearby corn contracts and nearby soybean contracts really leading the way. We’ve got a couple of different things going on here. We had a USDA crop production report out last Friday. It was mostly neutral for old crop balance sheets -- very little changes were made. On the new crop balance sheets -- this was our first glimpse at them while the USDA is predicting big crops for corn and to a lesser extent wheat, the big story here remains weather.”

Chicago July Wheat ended Monday up 4 and 1/2 cents at 7-09 and 3/4. July corn ended the day up 19 and 1/4 cents at 6-55 and 1/2.

Portland prices for soft white wheat and club wheat were up 5 and 3/4 to 9 and 3/4 cents at mostly 7-70. Hard Red Winter Wheat with 11.5 pct protein prices were up 7 and 3/4 cents at mostly 9-01and 1/2. DNS wheat with 14 pct protein prices were up 7 and 3/4 cents at 9-27 and 1/2.

June live cattle were up Monday 12 and half cents at 120-57 and half. August Feeder cattle were up 42 and half cents at 146.20. June class III milk was down 32 cents at 17-76.