Corn and Wheat Slightly Higher on Wednesday

Corn and Wheat Slightly Higher on Wednesday

I'm KayDee Gilkey the Market Line Report for Wednesday, May 25th. Here is Virginia McGathey from the floor of the CME Group

McGathey: "Let's look at corn and wheat right now. They're both in consolidation form. They were both slightly higher today. The feed grains are really gathering some strength right now. It certainly looks like once they break out of the channel they are in right now — that we're going to see the market really give it a go. Whether it is on the upside or the downside — we not really sure yet as there are a lot of factors into the market. Both are still waiting for some news to give it some more direction and dictate which way it will go."

Chicago July Wheat prices closed Wednesday down 3 cents at 4-32 and 1/2. July corn ended the day up 1 and 3/4 cents at 3-71 and 1/4.

Portland prices for June soft white wheat of Ordinary Protein ended the day unchanged to up 3 cents ranging from 4-82 and 1/2 to 4-89. Hard Red Winter wheat with 11.5% protein, prices for June were up 2 and 1/4 cents ranging from 5-07 and 3/4 to 5-17 and 3/4. June DNS wheat with 14 % protein prices were up 6 and 3/4 cents ranging from 6-61 to 6-86.

August live cattle were down $1.40 on Wednesday at 119-92 and half. August feeder cattle were down $2.82 and half at 148-67 and half. July class III milk was up 2 cents at 16-23.

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