Grains Building Solid Foundation

This is Matt Rice with the Market Line Report for Thursday, Sept 8th. Grains continue to struggle over the day, traders feel like this could be the beginning of a solid foundation to build from. Todd Horwitz explains his strategy from the floor of the CME in Chicago.

Horwitz "Wednesday afternoon grains we see, fairly solid prices. We're seeing the market able to hold onto some gains, I think this is more important now. This is a way that we're trying to build a base and quietly wheat and corn have both rallied over 20 cents since they've made their lows. Soy beans continue to be strong, in that big range bound $9.40 to $10 and as soon as we get over $9.80, I expect to see $10 in a hurry. I think it's going to be the overall range, and again this is pretty good action from a bullish standpoint."

Chicago Dec. Wheat prices closed yesterday up 4 ½, at 402 ½. Dec. corn ended the day up 4 ¾, at 333 ½. Portland prices for soft white wheat of Ordinary Protein for Dec. ended the day unch, ranging from 4-65 to 4-91. Hard Red Winter wheat with 11 ½ % protein, prices for Dec. were up ¾, ranging from 4-96 to 5-06. DNS wheat with 14 % protein, prices for Dec. was up 2, ranging from 5-83 to 5-98. Dec. Live Cattle were up $2.27 ½ cents, to finish the day at 104.05. Nov. Feeder cattle were up $2.32 ½, to close the day at 128.22 ½. Nov. class III milk was Dn 6 cents at 17-01.