Grains Trading Higher

This is Matt Rice with the Market Line Report for May 13th. Grains have been all over the board this week, but after yesterdays close prices were all on the upside. Here's Oliver Sloup as shares more from the floor of the CME in Chicago, with II Trader.

Sloup "I'm Oliver Sloup with II Trader and your grain market update. Choppy week, really since that USDA report from earlier this week. A couple key technical levels that we are looking at in the grain markets. I want to start looking at that July corn, 3-85 to 3-86 is going to be key technical resistance, it's the 200 day moving average as well as the key Fibonacci retracement level. We were able to get out above that, I think we invite more buyers into the market and potentially see that $4 handle a lot sooner than later."

Chicago May Wheat prices were up 9, at 458 ¼. May corn ended the day up 11 ¼, at 383 ¾. Portland prices for soft white wheat of 10 ½ % protein for May had a mixed market, dn 9 ¾ and up 9, ranging from 5-43 to 5-64 ½. Hard Red Winter wheat with 11 ½ % protein, prices for May were up 7 ½, ranging from 5-24 ¾ to 5-39 ¾. DNS wheat with 14 % protein, prices for May were up 2 ¾, ranging from 6-10 to 6-30. June Live Cattle closed the day dn 25 cents, at 122.35. May Feeder cattle were dn $1.17 ½, at 147.17 ½. May class III milk was dn 4 cents at, 12-74.