All Three Grain Markets Down Following Release of USDA Reports

On Monday USDA released both Crop Production and WASDE and grains were down across the board. From the floor of the CME Group, Scott Shellady shares his observations of Monday's markets.

Shellady: "We can call the day today in the grain room, kind of an exodus. So the week longs leave the market. After the answering the last couple of weeks and causing the volatility to spike. We've got May corn down about 12 cents and wheat down about 14 cents and boy the one that got killed today was May beans down 39 cents. really you know what we needed to see shockingly bullish numbers and what we got from USDA today was not. It was mildly bullish corn I would say but you saw corn run for the exits — like rats on a sinking ship there. And we also saw a mildly negative number for beans and wheat."

Chicago May Wheat ended Monday down 13 and 1/2 cents at 6-40 and 3/4. May corn ended the day down 10 and 3/4 cents at 4-78 and 1/4.

Portland prices for soft white wheat were down 3 to 13 and 1/4 cents at mostly 7-30 and 1/2. White club wheat prices were down 4 to 12 and 1/4 cents at mostly 7-85 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 15 cents at mostly 8-51 and 1/4. DNS wheat with 14 percent protein prices were down 12 and 1/4 cents at 8-64 and 3/4.

April live cattle were down a dime Monday at 143-15. April Feeder cattle were up $2.07 and half at 175-72 and half. April class III milk was up 17 cents at 21-42.