Both Corn and Wheat End Wednesday Strong

Both Corn and Wheat End Wednesday Strong

I'm KayDee Gilkey with the Market Line Report for Thursday, June 8th. From the floor of the CME Group here is Virginia McGathey

McGathey: "Today a lot happening. Let's start with corn. Corn is surging. Futures really broke out through the resistance number to a new 11-month high. Wheat really jumped higher and actually it was wheat that brought the market up. We had the crop ratings report that was reduced by almost 7 percent after the close on Monday really sparked the rally here. Right now we see that the spring wheat from Minneapolis is up over $6. Non commercial buying has come in and really rallied this market."

Chicago July Wheat prices closed Wednesday up 9 cents at 4-44 and 3/4. July corn ended the day up 7 and 1/2 cents at 3-84 and 3/4.

Portland prices for June soft white wheat of ordinary protein ended the day mixed down a penny to up 9 cents ranging from 4-79 and 3/4 to 4-99 and 3/4. Hard Red Winter wheat with 11.5% protein prices for June were up 8 to 18 cents ranging from 5-21 to 5-41. June DNS wheat with 14 % protein prices were down 3 and 1/4 to 8 and 1/4 cents ranging from 6-99 and 1/2 to 7-15 and 1/2.

August live cattle were up 57 and half cents on Wednesday at 124-17 and half. August feeder cattle were down 57 and half at 154-80. July class III milk was down 19 cents at 16-67.

Previous ReportGrains Mostly Higher on Tuesday
Next ReportUSDA Releases Crop Reports on Friday