Grains Rally Over The Day

I'm Matt Rice with the Market Line Report for Jan 26th. Grains had a solid day in the market yesterday, with wheat and corn leading the way. Jack Scoville explains the grain market from the floor of the CME.

Scoville- "Hi, Grain markets having stronger day here today. With all markets trading higher at the close of the day. Perhaps the weakest market has been the rice market, which had probably the best news of all. China finally approved a protocol to allow US rice to be imported into that country, that's been in the works for the last 10 year. To see that finally pass, I think that's significant news indeed."

Chicago March Wheat ended the day up 6, at 481 1/2. March corn ended yesterday dn 1/2, at 369 1/2. Portland prices for soft white wheat of ordinary protein for Jan were unchanged to up 6, ranging from 5-30 to 5-46 1/2. Hard Red Winter wheat with 11 ½ % protein, prices for Jan. were up 3 ¼, ranging from 5-59 to 5-69. DNS wheat with 14 % protein, prices for Jan. were up 2 ¾, ranging from 6-04 3/4 to 6-24 3/4. Feb. Live cattle closed the day dn 95 cents, at 131.12 1/2. Jan. Feeder cattle were up 60 cents on the day, at 160.02 ½. Jan. class III milk was unchanged at 13-72.