Markets Took Big Hit Yesterday

This is Matt Rice with the Market Line Report for March 31st. We are seeing quite a few sell offs today in the grain market, commodity prices in the red as we get ready for tomorrows USDA Quarterly Report. Gary Kozlowski explains more from the floor of the CME Group.

Kozlowski "Let's take a look at the grains today, we've had quite a bit of selling off. Everybody's anticipating tomorrow's USDA report. There's a lot of conflicting reports as far as acreage being planted, corns, wheat, and beans. Specifically the corn, and the soy beans. We saw today that the soy beans were closing down, close to 5 cents, not a real big move. But what a lot of guys here on the floor are talking about is there's a lot of sellers on the sideline, they are waiting to get in there and bring this price back down under that $9 range."

Chicago May Wheat ended yesterday dn 12 ¾ at 464 ¾. May corn ended the day dn 6, at 367. Portland prices for soft white wheat of 10 ½ % protein for March were unch- dn 12 ¾, ranging from 5-38 to 5-44. Hard Red Winter wheat with 11 ½ % protein, prices for March were dn 16, ranging from 5-40 ¾ to 5-45 ¾. DNS wheat with 14 % protein, prices for March were dn 7, ranging from 6-05 ¼ to 6-15 ¼. April Live Cattle closed yesterday dn $2.50, at 132.32 ½. April Feeder cattle were dn $3.50, at 151.92 ½. April class III milk was dn 7 cents, at 13-73.