Marketline Report Wednesday June 14th
This is Bob Larson with the Market Line Report for Wednesday June 14th. Big gains in the grain market. With yesterday's results from the floor of the CME in Chicago, here's Joe Vaclavik ...
Vaclavik ... "We've seen a nice little rally in the corn market. It's broken out to the upside of what had been a multi-month trading range. I think you've seen two things, some pretty aggressive farmers selling and I think you've some pretty aggressive fund buying. Funds have reduced their short position pretty aggressively during the past 14 days or so and that's kind of been the trend. We're seeing the funds short-covering being met by farmer's selling and farmers trying to take advantage of a rally in a market that really hasn't given them much to work with here recently. You know, we've been stuck in a three or four month trading range and when we broke out to the upside I think a lot of farmers took advantage."
Chicago July Wheat prices closed yesterday up 11 ¾ at 434 July corn ended the day up 10 ½ at 376 ¾
Portland prices for soft white wheat of Ordinary Protein for July ended the day up 11 ¾ ranging from 4-54 to 4-91 Hard Red Winter wheat with 11 ½ % protein, prices for July were up 8 ¾ ranging from 5-17 ¾ to 5-22 ¾ DNS wheat with 14 % protein, prices for July were up 6 ranging from 7-00 ½ to 7-15 ½
Live Cattle for June were dn $2.90 at 128.70 Aug Feeder cattle were dn $2.62 ½ at 151.92 ½ June Class III milk was up $.03 cents at 16-31.
