Grain Prices Up Ahead of Tuesday's USDA Reports

Grain Prices Up Ahead of Tuesday's USDA Reports

Both grains and cattle markets were up on Monday. From the floor of the CME Group, here's Joe Vaclavik

Vaclavik: "The funds are very heavily short the corn market ahead of this USDA report. So perhaps here on Monday, we're seeing a little bit of short-covering. There is a lot of upside risk in this market. You're at pretty low levels relative to the last 10 years or so, the funds have a big short, we have the entire growing season ahead of us and we've got a USDA report. So perhaps the funds are squaring up their positions ahead of that report here on Monday. The biggest driver of prices moving forward will be weather."

Chicago May wheat prices closed the day up 4 and 3/4 at 4-28 and a 3/4. Chicago May Corn prices were up 7 and 1/2 cents at 3-67. Portland prices for Soft White Winter Wheat of ordinary protein were steady to up slightly, ranging from 4-48 and 3/4 to 4-80. Hard Red Winter Wheat with 11.5 % protein, were up 3 and 3/4, ranging from 5-05 1/2 to 5-15 1/2. DNS Wheat with 14 % protein, as up a penny, ranging from 6-14 ¼ to 6-54 ¼.

June Live Cattle finished Monday up 50 cents, at 112.30. May Feeder cattle were up $1.50, at $135.37 and half. April class III milk was unchanged at 15-10.

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