Wheat On The Rise

This is Matt Rice with the Market Line Report for June 8th. Stronger wheat prices are helping all the commodities across the board. Let's check in with Virgina McGathey from the floor of the CME as she explains how warmer weather patterns might play a key factor in the grain market.

McGathey"Tuesday in the grain market has everything really very strong still. Corn up 2 or 3 cents right now, showing really good strength here at the 4-28 mark. Also the corn is up to 4-30. I think that right now we are looking at corn to stay strong and we are definitely in a weather market. I think clearly it shows with the 60 day forecast to be really hot here. That's definetly going to keep the market a little bit higher, even though some rains are in the forecast, that's not holding anyone back. We've got a lot of money a lot of funds..."

Chicago July Wheat prices closed yesterday up 1 ¼, at 510 ½. July corn ended the day up ½, at 427 ½. Portland prices for soft white wheat of 10 ½ % protein for June had a mixed market up 21 to 1 ½, ranging from 5-55 to 5-74. Hard Red Winter wheat with 11 ½ % protein, prices for June were up 3 ½, ranging from 5-60 to 5-75. DNS wheat with 14 % protein, prices for June were unch to up 5, ranging from 6-36 ¼ to 6-56 ¼. June Live Cattle closed yesterday up 45 cents, at 121.15. Aug Feeder cattle were also dn 7 ½ cents, at 145.02 ½. June class III milk was dn 7 cents at, 13-15.