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 McGatheyMcGathey: "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.