Understanding the grain market

I’m Matt Rice with the Market Line Report for August 6th. Todd Horwitz gives us the play by play on the grain market outlook from yesterdays close. Here’s Todd from the floor of the CME.

Horwitz: “Wednesday’s grain trade we saw a little bit higher prices across the board, pretty quiet and not a lot going on. As we continue to talk about, making sure you are understanding the overall function on how the market works, and where we are. We’ve been in this little of range, come down to support and a bit of a rally, churning back and forth. Corn’s now at that $3.70- $3.90 level. Anytime you get down to that $3.70- $3.75 level you want to be a buyer. At $3.90 you look to make profits, but you don’t want to work yourself too hard.”

Chicago September Wheat ended up 8 1/4 at 502 1/4. September corn ended the day up 4 at 372 and 3/4. Portland prices for soft white wheat of ordinary protein for September, ended the day up 8 1/2, at mostly 5.50 even. Hard Red Winter wheat with 11 ½ % protein, prices for September were up 4 and 1/2, ranging from 5-44 to 5-79 and 1/2. DNS wheat with 14 % protein, prices for September were up 6 3/4, ranging between 6-00 even to 6-20 1/2. August live cattle closed last week up 57 and 1/2 cents, at 148.80. August Feeder cattle were up 42 and ½ cents, at 214.375. August class III milk was down 3 cents, at 16-39.