Wheat Back Down Again

December wheat didn't hold Tuesday's rally and closed 3 cents lower on the session and down 7 1/2 cents from the early highs on Wednesday. Egypt officials indicated that French wheat prices were too high in the last few tenders and that around 750,000 tonnes of Black Sea wheat was available from local private traders. From the floor of the CME Group, Scott Shellady shares his observations of Wednesday's markets.

Shellady: "The grain market was in a bit of a doldrum today. We've got a sidewise to slightly easier market. We had beans off about 2 and 1/2 cents, corn off a penny and wheat was really the big loser on the day -- if you can say that -- down 3 and half to 3 and 3/4 cents."

Chicago December Wheat ended Wednesday down 3 cents at 6-47 and 1/4. December corn ended the day down a 3/4 of a cent at 4-17.??Portland prices for soft white white were down 3 cents at mostly 7-06 and 1/4. White club wheat prices were down 3 cents at mostly 7-31 and 1/4. Bids for Hard Red Winter wheat with 11.5 percent protein as well as DNS wheat with 14 percent protein were not available for November delivery.

?December live cattle were up a dime Wednesday at 131-05. January Feeder cattle were up 35 cents at 162-75. December class III milk down 10 cents at 17-77.