Wheat Market Lower

Overnight weakness in corn and early weakness in soybeans helped to pressure the wheat market on Tuesday. From the floor of the CME Group, Larry Shover shares his observations of Tuesday's markets.

Shover: "Well Tuesday's grain trade surely started very volitile and ended in a whimper. All three grain crops ended in the red. Wheat just followed suit with the other row crops closed down on the day 3 cents -- was much more that earlier in the day. You'd think the softness in the U.S. dollar was going to be supportive of the crop but right now it seems like export demand -- at present -- seem to be Australia and Canada -- and not the U.S. so pretty a little downward pressure at least short-term on wheat."

Chicago March Wheat ended Tuesday down 3 and 1/4 cents at 6-56. March corn ended the day down 6 and 1/2 cents at 4-24 and 3/4.??Portland prices for soft white white were down 6 cents at mostly 7-08. White club wheat prices were down 6 cents at mostly 7-33. Hard Red Winter wheat with 11.5 percent protein prices were down 3 and 1/4 to 8 and 1/4 cents at mostly 7-93 and 1/2. DNS wheat with 14 percent protein prices were down 3 and 1/4 to 7 and 1/4 cents at mostly 8-36 and 1/4.

?February live cattle were up $1.10 Tuesday at 133-02 and half. January Feeder cattle were up $1.57 and half at 164-37 and half. January class III milk was up 6 cents at 17-58.