Wheat Has Choppy Day, Ends Lower

I’m KayDee Gilkey with the Market Line Report for July 18, 2013.

Talk that the wheat price rally of last week may have left US wheat far less competitive on the world market helped to spark some selling. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Today, Wednesday, grain markets mostly lower across the board. Selling pressures, I mean the markets are really in pretty much bear territory basically across the board. Corn being the weakest of all. I think what we are looking at here is a growing season that is absolutely perfect - wet and moist and hot. So we are having no problem there and as we look at the whole picture the bottom line is the grains are in a downtrend - they are in bear markets.”

Chicago September Wheat ended Wednesday down 4 and 1/2 cents at 6-65. September corn ended the day down 6 and 3/4 cents at 5-38 and 1/2.??

Portland prices for soft white wheat and club wheat were down 4 and 1/2 cents at 7-26 and 3/4. Hard Red Winter Wheat with 11.5 pct protein prices were down 3 to 11 cents at mostly 8-07 and 3/4. DNS wheat with 14 pct protein prices were down 3 and 3/4 cents at mostly 8-59 and 1/4. ??

August live cattle were down 82 and half cents Wednesdayat 121-30. August Feeder cattle were down $1.57 and half at 150-97 and a half. August class III milk was down 9 cents at 17-99.