Grain Producers Sigh With Relief

This is Matt Rice with the Market Line Report for Feb. 9th. Producers in the grain market take a sigh of relief as prices continue to climb. Let's go to Scott Shellady from the floor of the CME, to hear what he has to say about yesterday's grain market.

Schellady "Hi, I'm Scott Shellady here on the floor of the CME Group floors in Chicago on a Wednesday afternoon and we finally started to see some of these tectonic plates shift, not so much in equity's, not so much in oils. It's been interesting to see what's happening in the grain market for once. So let's talk about soybeans, up a better part of 16 cents today. Good buying all day long and we basically made a nice technical retracement from a high-end Jan. 18th."

Let's start with the Chicago markets, July wheat prices closed the day up ¾ at 455 ½. Chicago July Corn prices were up 2, to finish the day at 384 ½. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were up 1, ranging from 4-53 ½ to 4-65 ½. Hard Red Winter Wheat with 11.5 % protein, future prices for May were up 2 ¼, ranging from 5-34 ¾ to 5-39 ¾. DNS Wheat with 14 % protein, prices for May were up 2, ranging from 6-87 ¼ to 6-97 ¼. June Live Cattle finished the day dn $1.32 ½, at 105.02 ½. May Feeder cattle were dn $1.47 ½, at 121.62 ½. March class III milk was up 13 cents at 16-86.