Volatile Soybean Market

This is Matt Rice with the Market Line Report for Nov. 29th. Soybeans taking the spotlight once again the grain market with a 50 cent rally from last week. Here's Scott Shellady from the floor of the CME in Chicago to explain more on the grains.

Shellady "Let's talk about beans and you know what? It was probably one of the more volatile contracts on the board today, up 10 to unch to lower by a couple and finished higher on the day and that's pretty good. Considering the fact that last week we had almost a 50 cent rally on the week. So we finished almost 50 cents higher, which you might think we've seen some kind of profit taking today, but that wasn't the case. We saw beans kind of tack on to that, again we did see some variation and some volatility but at the end of the day it's a good strong move for the bean market to continue on."

Chicago May Wheat prices closed the day dn 3 ¾, at 429 ¾. May corn ended the day up ¼, at 365 ¼. Portland prices for soft white wheat of Ordinary Protein for March ended the day dn 10 ½ to 3 ¾, ranging from 4-61 ½ to 4-80. Hard Red Winter wheat with 11 ½ % protein, prices for March had a mixed market up 12 and dn 3, at mostly 5-20 ½. DNS wheat with 14 % protein, prices for March were up 14 ¼ to 9 ¼, ranging from 6-40 ½ to 6-53 ½. April Live Cattle closed the day dn 77 ½ cents, at 110.57 ½. April Feeder cattle were dn 5 cents, at 122.37 ½. Jan. class III milk was up 17 cents at 16-38.