Corn Looking For New High's

This is Matt Rice with today’s Market Line Report for Wednesday. Corn rallied yesterday but still has some room to grow if it wants to hit the 200 day moving average. Scott Shellady with the CME Group, explains.

Shellady “We had a technically strong gap higher open in Corn. We made it through that $3.50 psychological level. I guess if you want to ask me where you think the next level would be on a rally, if we have a rally, would be $3.63-64 ish. That’s going to be the 200 day moving average, keep that in mind. “

Chicago Wheat prices for Dec. closed yesterday up 7 ¾, to finish at 535 ½. Dec. Corn up 9 ½, to finish the day at 354 ½. Kansas City Hard Red Winter Wheat prices for Dec. were up 9 ¼, to close at 455 ½.

Portland prices for soft white wheat for Oct. ended the day dn 15 to Unch, ranging from 5-25 to 5-42. Hard Red Winter Wheat with 11 ½ percent Protein, prices for Oct. were up 9 ¼, ranging from 6-00 ½ to 6-15 ½. DNS wheat with 14 % protein, prices for Oct. were up 10 ¼, ranging from 6-30 ¼ to 6-55 ¼.

Live Cattle for Oct. were up $.85, closing at 108.77 ½. Oct. Feeder cattle up $.25, to finish the day at 143.07 ½. Oct. Class III milk was up $.75, at 17.66.