Daily Grains

This is Matt Rice with the Market Line Report for July 6th. Poor weather patterns in the Midwest, bullying the wheat market over the weekend but not enough to cause any real trouble. Let's go to Todd Horwitz to hear more about the grain market, from the floor of the CME in Chicago with Bubbatrader.com.

Horwitz "Tuesdays grains, well wow.. We talked about this last week and there would be some pressure on soy beans and the USDA report came out and the initial reaction, unbelievably or not, lets trade up bull run and we went crazy to the upside. All the sudden something changed, the report itself didn't look that bullish to begin with so I couldn't understand the entire movement. Of course that's what happens when you get people caught short and that's why the overall effects of news should not be from your day to day agenda"

Chicago July Wheat prices closed yesterday up 3 ¼, at 418 ¼. July corn ended the day down 9, at 344 ¼. Portland prices for soft white wheat of Ordinary Protein for July had a mixed market up 14 ¾ and dn 16 ½, ranging from 4-75 to 5-03. Hard Red Winter wheat with 11 ½ % protein, prices for July were up 11-5, ranging from 4-72 ½ to 4-86 ½. DNS wheat with 14 % protein, prices for July were up 8 ¼ to 15 ¼, ranging from 5-83 ¼ to 5-94. Aug Live Cattle closed the day up 67 ½ cents, at 113.75. Aug Feeder cattle were up $1.62 ½, at 144.30. July class III milk was dn 10 cents at 14-98.