Corn & Wheat Creating Waves

This is Matt Rice with the Market Line Report for Dec. 21st. Corn and wheat looking to create their own wave of action as we approach the end of the year. Let's check in with Viginia McGathey as she covers more on the grain market from the floor of the CME in Chicago.

McGathey "Right now corn and wheat were off their markets as well, certainly a little bit of a overflow selling from the bean but they're definitely tickling those big support numbers. With the $3.50 number for the corn market, that's a big psychological support number. If it breaches that, we could again have a new wave of selling in that market as well. Wheat on the other hand $4 is another psychological number. We're a couple cents above that, but we're kind of teetering with that. All in all world supplies are really big."

As we take a look at those Chicago markets, July wheat prices closed the day dn ¾, at 430. Chicago July Corn prices were dn 3, to close the day at 364 ½. Prices in Portland for Soft White Winter Wheat of ordinary protein for April were dn 1 ½ - 2, ranging from 4-40 to 4-56. Hard Red Winter Wheat with 11.5 % protein, future prices for April were up 3 ¾ & dn 3 ¾, at mostly 5-09 ½. DNS Wheat with 14 % protein, prices for March were dn 1, ranging from

6-47 ¾ to 6-67 ¾. April Live Cattle closed the day dn 30 cents, at 113.90. April Feeder cattle were dn 85 cents, at 125.50. Feb. class III milk was up 16 cents at 17-17.