Grains Rally

This is Matt Rice with the Market Line Report for April 20th. Grains trading higher across the board, with Soy beans leading the pack. Jack Scoville goes into more details from the floor of the CME in Chicago.

Scoville "Hi, it's been a pretty wild day again in the grain markets, with all the markets trading higher. Soy beans leading the way higher, and really reacting to news that 105,000 tons of US soy beans were sold to unknown destinations. We also had some big corn sales too, however corn has struggled a little bit more with the rally to the upside. Chart trends are turning up in corn, and they have been up now for over a week in the soy beans."

Chicago May Wheat up big again after yesterday's market came to a close, up 13 ½, at 484 ¾. May corn ended the day up 3 ½, at 384 ½. Portland prices for soft white wheat of 10 ½ % protein for April were unch to up 13 ½, ranging from 5-50 to 5-66 ¼. Hard Red Winter wheat with 11 ½ % protein, prices for April up 12, ranging from 5-61 ¾ to 5-66 ¾. DNS wheat with 14 % protein, prices for April were up 9 ¾, ranging from 6-27 ½ to 6-47 ½. April Live Cattle closed the day dn $1.15, 127.30. April Feeder cattle dn 40 cents, at 149.77 ½. April class III milk was unch, at 13-71.