All Grains See Red

Sluggish export sales news and weakness in the other grains helped to pressure the wheat market. From the floor of the CME Group, Larry Shover shares his observations of Thursday's markets.

Shover: "Well a sea of red in the grain trade today Thursday the 12th. With wheat, wheat down 3 to 7 cents across the Chicago exchange in a very oversold environment. Keep in mind that wheat has had a 40 cents range in the last three weeks and long liquidation continues to be a huge concern here at the CME. Right now we are near the September lows and lastly the USDA report numbers definitely not a friend to the bullish camp in the wheat market."

Chicago March Wheat ended Thursday down 7 cents at 6-33 and 3/4. March corn ended the day down a nickel at 4-34 and 1/4.??Portland prices for soft white white were mixed down 3 to up 7 cents at mostly 7-03 and 3/4. White club wheat prices were mixed down 3 to up 7 cents at mostly 7-30 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 1/2 cents at mostly 7-76 and 1/4. DNS wheat with 14 percent protein prices were mixed down 1 and 1/2 to up a half of a cent at mostly 8-08.

?February live cattle were up 30 cents Thursday at 133-10. January Feeder cattle were up $1.40 at 167-07 and half. January class III milk was down 9 cents at 18-34.