Grains Down

This is Matt Rice with the Market Line Report for June 1st. Grains trading like a burning ring of fire, down, down, down. Jack Scoville explains how this week's weather patterns shouldn't have you worried about the today's hick up in the grain market. Here's Jack to cover more on grains from the floor of the CME in Chicago.

Scoville "Hi, it's been a lower day here in Chicago, pretty much across the floor. CME grain futures seeing some selling pressure really right from the reopening after trading mostly higher in the overnight markets. The weather here in the Midwest has really turned superb, instead of big rains, it turned sunny and dry with an overall dryer pattern as we look ahead for the rest of the week and into the weekend."

Chicago July Wheat prices closed yesterday dn 17, at 466. July corn ended the day dn 8, at 405. Portland prices for soft white wheat of 10 ½ % protein for June were dn 4 ¾ to 6 ½, ranging from 5-24 ½ to 5-35. Hard Red Winter wheat with 11 ½ % protein, prices for May were dn 5 ½ to 12 ½, ranging from 5-29 ¼ to 5-37 ¼. DNS wheat with 14 % protein, prices for May had a mixed market dn 7 ¾ and up 7 ¼, at mostly 6-25 ¼. June Live Cattle closed the day up $1.40 at 121.10. Aug Feeder cattle were up 40 cents, at 147.10. June class III milk was dn 6 cents at, 12-83.