Grains Lower Across the Board

Wheat bounced lower on Wednesday. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday's markets.

Horwitz: "Wednesday's grains saw a little bit were across the board. However, we have seen a nice rally these last couple of days piercing up towards the upper end of the levels of which we'd like to sell. Let's look at it from a technical perspective — the trends still remain lower, the volume has been a little better lately but of course the volume is coming in the sell side when we start to see some selling here. So when we look at the long-term charts, I think you want to look at corn as a sell at $4.50 and wheat as a sell at $6.00."

Chicago March Wheat ended Wednesday down 3 and 1/4 cents at 5-87. March corn ended the day down 1 and 1/2 cents at 4-40.

Portland prices for soft white wheat were down 2 and 3/4 to 3 1/4 cents at mostly 7-12 and 1/2. White club wheat prices were down 2 and 3/4 cents at mostly 7-65. Hard Red Winter wheat with 11.5 percent protein prices were unchanged at mostly 8-27. DNS wheat with 14 percent protein prices were up 1 and 1/4 to 31 and 1/4 cents at 8-39 and 1/4.

April live cattle were down 40 cents Wednesday at 140-77 and half. March Feeder cattle were down 27 and half cents at 168.50. March class III milk was down 18 cents at 20-81.