Rising Interest Rates?

I'm Matt Rice with the Market Line Report for December 16th. Grain markets seeing a bit of a reaction from potential rising interest rates. With oil down and the dollar not really getting any stronger, the commodities are seeing the affects. We go to Scott Shellady with more, from the floor of the CME.

Shellady- "Hi, I'm Scott Shellady here in the floor of the CME in Chicago. On a Tuesday before the fed announcement before tomorrow, it's affecting everybody, even the Ag markets. It's been pretty well telegraphed, that Johnny Allen's going to be raising interest rates tomorrow, a quarter point is expected. The real big thing about that is it has made the markets kind of iffy here. No matter what talking head you talk to or about."

Chicago December Wheat ended yesterday up 3/4, at 493. December corn ended yesterday dn 1 3/4, at 377 1/2. Portland prices for soft white wheat of ordinary protein for Jan was up 3/4, ranging from 4-94 1/4 to 5-28. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were up 4 1/4, ranging from 5-62 1/4 to 5-82 1/4. DNS wheat with 14 % protein, prices for Dec. were up 2 1/4, ranging from 6-32 3/4 to 6-52 3/4. Dec. live cattle closed yesterday up 15 cents, at 119.67 1/2. Jan. Feeder cattle were up 15 cents, at 148.25. Dec. class III milk was dn 2 cents at 14-56.