Grains Surging

This is Matt Rice with today’s Market Line Report for Tuesday. Grains start the week off with a full head of steam as prices rally across the board. Let’s go to Virginia McGathey, with the CME Group as she shares the details.

McGathey “Now wheat was a big surge today, a double-digit rally. I think the solid exports that came in really gave the market a big kick. If you think about it, we were actually up 17 cents today and actually 30 cents over the last week. So that double-digit rally is starting to extend further. So what does that do? It sets off a real scramble to cover shorts in the Corn and Wheat Market. “

Chicago Wheat prices for Sept. closed yesterday up 16 ¾, to finish at 516 ½. Dec. Corn up 6 ¾, to finish the week at 338. Kansas City Hard Red Winter Wheat prices for Dec. were up 12 ¾, to close at 448 ½.

Portland prices for soft white wheat for Sep. ended the day Unch, settling at 5-46 ¾. Hard Red Winter Wheat with 11 ½ percent Protein, prices for Oct. were up 12 ¾, at 601. DNS wheat with 14 % protein, prices for Oct. were up 7 ¾, finishing the day at 632 ½.

Live Cattle for Oct. were dn $.35, closing at 109.87 ½. Oct. Feeder cattle dn $2.17 ½, to finish the day at 144.40. Sept. Class III milk was dn $.48, at 16.40.