South America's Harvest In Full Swing

This is Matt Rice with the Market Line Report for Feb. 23rd. The US grain markets are at South America's mercy currently as their harvest is in full swing, as their numbers are control the market. Here's Virginia McGathey from the floor of the CME in Chicago to share more on the Grain Market.

McGathey "The traders are really thinking that the sewing trends are going to be coming out and what they really expect is, that the wheat is going to be reduced and there's going to be a big shift from corn to soybeans. Now, it could be anywhere from 2 and 6 million acres. So that's quite a bit, we're not exactly sure how far that's going to go, so traders are starting to prepare their accounts."

Starting with those Chicago markets, July wheat prices closed the day dn 5 ¼, at 470 ½. Chicago July Corn prices were up 1 ¾, to finish the day at 385 ¼. Prices in Portland for Soft White Winter Wheat of ordinary protein for Aug. NC were up 12 to 4 ¾, ranging from 4-79 to 4-84 ½. Hard Red Winter Wheat with 11.5 % protein, future prices for May were up 5 ¾, ranging from 5-51 ¼ to 5-56 ¼. DNS Wheat with 14 % protein, prices for May were up 3, ranging from 6-52 ¼ to 6-82 ¼. June Live Cattle finished the day up 47 ½ cents, at 106.30. May Feeder cattle were up 27 ½ cents, at 124.50. March class III milk was dn 19 cents at 16-38.