Marketline Report for Tuesday, June 4th
This is Bob Larson with the Market Line Report for Tuesday, June 4th. The grain market is higher led by wheat in Monday trading. From the floor of the CME in Chicago, here's Virginia McGathey.
McGATHEY ... "Wheat is the real story of the day, surging today. More rain and fear that there's going to be some crop damage really sent the market rallying. We're up well over a dollar now from the start of the rally just last week. The serious flooding is definitely effecting the planting. The concerns about this damage is no joke at this point so we're expecting to hear some numbers as the USDA reports start to come in. Kansas City and Chicago were both up double digits. They're breaking through big technical resistance numbers and that really means the scramble is on and anyone that is still short really has to bite the bullet and cover at this point right now. So, I expect that with the markets rallying this high, we also could a pullback just as fast so hang on to your hats, it's going to be a bumpy ride."
Chicago July Wheat prices closed yesterday up 16 ¾ at 520 ¼
July Corn was dn 2 ¾ at 423
Portland prices for soft white wheat of Ordinary Protein for Jun ended the day unch ranging from 5-75 to 6-15 Hard Red Winter wheat with 11 ½ % protein, prices for Jun were up 13 ¾ ranging from 6-56 ¾ to 6-61 ¾ DNS wheat with 14 % protein, prices for Jun were up 11 ½ ranging from 6-43 ½ to 6-52 ½
Live Cattle for Jun were dn $1.70 at 106.80 Aug Feeder cattle are up $.37 ½ to 133.70 Jun Class III milk was dn .16 cents at 16.07
