Grains Mostly Higher on Tuesday

Grains Mostly Higher on Tuesday

I'm KayDee Gilkey with the Market Line Report for Wednesday, June 7th. From the floor of the CME Group here is Joe Vaclavik

Vaclavik: "Corn market was sharply higher here on Tuesday. As a matter of fact, our July corn futures traded their highest level since early March. The December futures were also along here for the ride trading up into the upper $3.90s. So we are in to some multi-month highs here and the future is acting pretty strong. I think we have a little bit of a weather trade on our hands here. The weather models are calling for very warm weather to hit most of the Corn Belt this coming weekend. It is going to stick around for several days. We're going to see temperature in the upper 80s and even into the mid 90s in some areas — Saturday, Sunday into Monday."

Chicago July Wheat prices closed Tuesday up 6 and 1/4 cents at 4-35 and 3/4. July corn ended the day up 4 and 1/4 cents at 3-77 and 1/4.

Portland prices for June soft white wheat of ordinary protein ended the day up 5 and 3/4 to 6 and 1/4 cents ranging from 4-80 and 3/4 to 4-90 and 3/4. Hard Red Winter wheat with 11.5% protein prices for June were up 8 cents ranging from 5-13 to 5-23. June DNS wheat with 14 % protein prices were up 9 and 3/4 cents ranging from 6-98 and 3/4 to 7-23 and 3/4.

August live cattle were down $2.60 on Tuesday at 123-60. August feeder cattle were limit down $4.50 at 155-37 and half. July class III milk was steady at 16-86.

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