Heavy Wheat Futures Selling Following Bearish Export Report

I’m KayDee Gilkey with the Market Line Report for March 27, 2015.
Wheat posted the most losses in reaction to the bearish export sales. Corn saw spillover pressure from wheat and a higher U.S. dollar. From the floor of the CME Group, Oliver Sloup shares his observations of Thursday’s markets.
Sloup: “Grain markets feeling the heat today. Had export sales mixed across the board — soybeans, corn and wheat — all with misses and beats of expectations. Wheat really taking the brunt of things trading as low as $5.02. That is a big physiological and technical line of support. $5 handle bulls need to defend that. Break below that and we may see a test of recent lows and test down to as low as $4.75 in the near future.”
Chicago May Wheat ended Thursday down 19 and 3/4 cents at 4-99 and 1/4. May corn ended the day down 3 and 3/4 cents at 3-91 and 1/4.
Portland prices for soft white wheat of ordinary protein were down 10 to 19 and 3/4 cents at mostly 6-27 and 1/4. White club wheat of ordinary protein prices were down 10 to 19 and 3/4 cents at mostly 8-67 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 20 cents at mostly 6-53. DNS wheat with 14 percent protein prices were down 17 and 1/2 cents at mostly 8-73 and 1/4.
June live cattle were down 37 and half cents on Thursday at 152-even. May Feeder cattle were down 20 cents at 215-77 and half. May class III milk was down 21 cents at 15-30.