Grains Drowning

This is Matt Rice with the Market Line Report for June 22nd. Grains taking it in the shorts after Tuesday's market came to a close. Corn leading the downward market, opening the door for the wheat market. Let's go to Joe Vaclavik from the floor of the CME in Chicago, with the USDA grain commentary.

Vaclavik "Good afternoon, Joe Vaclavik standard grain from the CME group here in Chicago. Sharply lower here on Tuesday, really a reaction to some improved weather forecast. This past Friday we had gone home believing that the weather was going to be dry, and temperatures were going to be well above normal. That forecast shifted over the weekend, so we had a hard down day in the corn market yesterday and Monday. Tuesday we saw limit down trade in some of the corn contracts. So very very ugly performance."

Chicago July Wheat prices closed yesterday dn 14 ½, at 459 ¾. July corn ended the day down 25, at 397 ¼. Portland prices for soft white wheat of 10 ½ % protein for June were dn 14 ½ to 5, ranging from 5-18 ½ to 5-55. Hard Red Winter wheat with 11 ½ % protein, prices for June were dn 16 ½ to 21 ¼, ranging from 5-10 to 5-15. DNS wheat with 14 % protein, prices for June were dn 14 to 9, ranging from 6-14 ¾ to 6-34 ¾. June Live Cattle closed the day up 55 cents, at 115.17 ½. Aug Feeder cattle were up $2.60, at 139.10. June class III milk was dn 2 cents at, 13-21.