Up Day For Wheat and Corn

I'm KayDee Gilkey the Market Line Report for Thursday, May 11th. From the floor of the CME Group here is Todd Horwitz with comments on Wednesday's fat cattle markets.

Horwitz: "We're talking about fat cattle here. Of course the first thing we are going to talk about is the squeeze. We had this big squeeze for months where we had April over June — and of course we had a cash squeeze. Cash kept running and mounting over the markets — squeezing the futures, squeezing everybody — forcing the markets to go higher. So when we look at what happens with the cash — now the cash market is starting to collapse or coming in a little bit. Of course that has created some pressure on the fat cattle. I believe they have run too far, too fast."

Chicago July Wheat prices closed Wednesday up 2 and 1/4 cents at 4-31 and 3/4. July corn ended the day up 7 and 1/4 cents at 3-73 and 3/4.

Portland prices for June soft white wheat of Ordinary Protein ended the day unchanged to up 1 and 3/4 cents ranging from 4-70 to 4-86 and 3/4. Hard Red Winter wheat with 11.5% protein, prices for June were up a 1/2 cent ranging from 5-14 and 1/4 to 5-24 and 1/4. June DNS wheat with 14 % protein prices were up 4 cents ranging from 6-45 to 6-70.

June live cattle were down 77 and half cents on Wednesday at 124-20. August feeder cattle were down at $3.22 and half at 148-92 and half. June class III milk was up 22 cents at 16-09.