Short Rally In Grains

This is Matt Rice with the Market Line Report for April 14th. Grains ended yesterday on the upside, trends tell us this could be a short term rally. Let's go to Todd Horwitz for more from the floor of the CME in Chicago.

Horwitz "Wednesdays grains, and we see higher prices and it's interesting as we see from yesterdays close. We had a spike rally right at the end of the day, and today's pretty nice rally. It's hard to imagine why we are going up here for these levels. So for me it has to be a short squeeze than any other reason. We've got no real data, a much stronger dollar today and all of a sudden we decide that it's time to run up. So to me this likes a short squeeze, although I remain friendly to the space, I don't think this is the right level in which we should be moving up from, especially in the beans."

Chicago May Wheat ended yesterday up 9, at 462. May corn ended the day up 10 ¾, at 373 ¾. Portland prices for soft white wheat of 10 ½ % protein for April were up 9 – 5, ranging from 5-41 ½ to 5-47. Hard Red Winter wheat with 11 ½ % protein, prices for April were up 7 ¼, ranging from 5-31 ½ to 5-44 ½. DNS wheat with 14 % protein, prices for April were up 3 ½, ranging from 6-15 to 6-25. April Live Cattle closed the day dn $1.35, at 131.80. April Feeder cattle were dn 47 ½ cents, at 154.40. April class III milk was dn 7 cents, at 13-74.