Corn Overbought?

This is Matt Rice with today’s Market Line Report for Monday. Technical indicators showing Corn could be on the verge of a break off as prices soared throughout the week. Here’s Terry Roggensack with the CME Group to share more.

Chicago Soft Red Winter Wheat prices for July closed the day up 1 ¾, to finish at 712 ¼. July Corn was up 1, to close at 632 ½. Kansas City Hard Red Winter Wheat prices for July were up 5 ¾, to settle at 680 ½.

Portland prices for Ordinary Club Wheat were Unch, ranging from 6-70 to 7-05. Soft white wheat of Ordinary Protein for June was Unch, to settle at 6-70. Hard Red Winter Wheat with 11 ½ percent Protein, for June were up 5 ¾, ranging from 7-95 ½ to 8-00 ½. DNS wheat with 14 % protein, prices for June were up 10 ¾, ranging from 8-35 ½ to 8-45 ½.

Live Cattle for June were dn $.12 ½, closing at 115.72 ½. Aug Feeder cattle were up $1.52 ½, to finish the day at 149.90. May Class III milk was up $.32, to settle at 19.00.