Inflation in the Corn Market?

This is Matt Rice with today’s Market Line Report for Friday. Corn prices slump, as money supply in the corn market is up 20% compared to this time last year. Is inflation to blame? Let’s go to Scott Shellady with the CME Group to find out more.

Chicago Soft Red Winter Wheat prices for May closed the day dn 12 ¼, to finish at 612 ½. May Corn was dn 6 ¾ to close at 546 ½. Kansas City Hard Red Winter Wheat prices for May were dn 9 ½, to settle at 566 ¾.

Portland prices for Ordinary Club Wheat were Unch, ranging from 7-40 to 8-00. Soft white wheat of Ordinary Protein for May was Unch, ranging from 7-20 to 7-65. Hard Red Winter Wheat with 11 ½ percent Protein, for May were dn 9 ½, ranging from 6-86 ¾ to 6-91 ¾. DNS wheat with 14 % protein, prices for June were dn 9 ¼, ranging from 7-37 to 7-52.

Live Cattle for June were up $.77 ½, closing at 121.07 ½. May Feeder cattle were up $1.80, to finish the day at 149.12 ½. April Class III milk was $.18, at 16.80.