Choppy Grain Session

This is Matt Rice with the Market Line Report for May 17th. Corn matching the 20 and 200 day moving average as grains all trading lower on the day. Let's go to Oliver Sloup as he explains more from the floor of the CME with II Trader.

Sloup "Happy Monday to you from the floor of the CME, here in Chicago. I'm Oliver Sloup with II trader and your grain market update. We started the Sunday night session a little bit softer, and we've seen that carry over into the early morning trade. Corn, Soy beans, Wheat all trading a little bit lower. I want to start looking at that corn contract, the July contract to be a little more specific. Couple key levels that we are looking at top end of the rand 3-94 3-95 ¼ has been the recent top of the range. So if we are able to get out above that, I do think that we see funds and new buyers step into the market."

Chicago July Wheat prices were unch, at 473 ¼. July corn ended the day up 3 ¼, at 393 ½. Portland prices for soft white wheat of 10 ½ % protein for May were unch to dn 1, ranging from 5-49 ¾ to 5-50. Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 2 ½, ranging from 5-28 ½ to 5-35 ½. DNS wheat with 14 % protein, prices for May were up 1 ¾, ranging from 6-17 ¼ to 6-42 ¼. June Live Cattle closed the day dn 40 cents, at 122.95. May Feeder cattle were up $1.60, at 148.92 ½. June class III milk was up 12 cents at, 12-38.