Higher Prices In Grains

I'm Matt Rice with the Market Line Report for Jan. 20th. Over the last couple of weeks we've seen the grain market struggling. However, after yesterday's grain report numbers looking to move back to the upside for a change. Here's Todd Horwitz with the Grain Market update from the floor of the CME in Chicago with Bubbatrader.com.

Horwitz- "Tuesday's grain trade saw pretty much higher prices across the board. As we continue to see a little bit of a rally off that, not so bullish but report last week. Of course the shorts are still existing in this market and I think we've reached these low levels that we're not going to see, going much lower. I think that's much more the key. When you see a market that can no longer go down or up, you know it's time for a possible reversal. ."

Chicago March Wheat ended yesterday up 3/4, at 473. March corn ended yesterday up 4 ½, at 367 3/4. Portland prices for soft white wheat of ordinary protein for Jan were unchanged, ranging from 5-30 to 5-34 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for Jan. were dn 1 1/4, ranging from 5-57 3/4 to 5-67 3/4. DNS wheat with 14 % protein, prices for Jan. were dn 1, ranging from 6-01 1/4 to 6-21 1/4. Feb. Live cattle closed yesterday up $1.15, at 128.70. Jan. Feeder cattle were up $1.35, at 155.65. Jan. class III milk was down 3 cents, at 13-75.