Grain Market Rally After Strong Friday Close.

I’m Susan Allen with Market Line Report for September 15. The Grain Market had a short rally yesterday after a strong Friday close. Lets’ check in with Jack Scoville VP of Price Futures Group from the floor of the CME.

 

Scoville: Hi grain markets trading higher through the course of the day today it really seems to be a bit of a short covering rally prompted by the strong performance last Friday. USDA reports that face value really not all that constructive to higher prices not only was US production adequate for the potential demand but so was world production estimates, in fact some of the supply demand estimates especially over in the wheat showing some record supplies available, really nothing going on in the corn, soy beans or wheat to justify a major rally but here we are.

 

Chicago September Wheat ended Monday up 10 ½ at 493 September corn ended the day up 11 3/4 at 472 3/4 .

Portland prices for soft white wheat of ordinary protein September were mostly 5.45 ¼ unch-up 16.25.

October Hard Red Winter wheat with 11.5 percent protein prices 5.81 1/4 -6.06 1/4 up 14.00 even

October DNS wheat with 14 percent protein prices ranging 6.243/4 -6.44 ¾ up 13.25

October live cattle were up 87 ½ cents day at 141.02 ½ September feeder cattle were down 55 cents at 199.70. September Class III milk was down six cents at 15-91.