Exciting Week In Grains

This is Matt Rice with the Market Line Report for April 15th. Wheat continues to look the weakest of the grains, holding ground but we could see some new contract lows in the future. Let's go to Oliver Sloup for more from the floor of the CME in Chicago with II Trader.

Sloup "It has been and exciting week to say the least, we've kind of had the grains settle down though today. Seeing that volatility come out of the options, that premium, a little quieter trade. I want to start looking at that corn contract, specifically the May contract, that has been moving a little bit more to the upside and downside than the Dec. contract new crop. $3.74-$3.75 is going to be key technical resistance."

Chicago May Wheat ended yesterday dn 1 ¾, at 458 ½. May corn ended the day up ½, at 374. Portland prices for soft white wheat of 10 ½ % protein for April were dn 1 ¾- unch, ranging from 5-39 ¾ to 5-47. Hard Red Winter wheat with 11 ½ % protein, prices for April were up ½, ranging from 5-32 to 5-45. DNS wheat with 14 % protein, prices for April were up 2 ½, ranging from 6-17 ½ to 6-27 ½. April Live Cattle closed the day dn 42 ½ cents at 131.67 ½. April Feeder cattle were up 12 ½ cents, at 154.70. April class III milk was dn 6 cents, at 13-71.