Wheat Markets End Mixed on Wednesday

I’m KayDee Gilkey with the Market Line Report for July 3, 2014.
Chicago wheat futures showed a bit of increase but other wheat markets closed lower. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grains was a little bit of a mixed market after yesterday’s thrashing. I think that the USDA report showed that there will be plenty of supply and not a real big demand coming into the season. Planting season looks good. Wheat did actually did bounce and closed positive on the day today. Up at 5-75 on September wheat. But again $6 on September wheat or December wheat I’m a seller I think you want to sell but again if you want to nibble here looking for a little bit of a dead cat bounce — I think those are reasonable levels.”
Chicago September Wheat ended Wednesday up 3 cents at 5-75 and 1/2. September corn ended the day down 3 and 3/4 cents at 4-12 and 1/4.
Portland prices for soft white wheat were up 2 to 3 cents at mostly 6-88 and 3/4. White club wheat prices were up 2 to 3 cents at mostly 7-38 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices down 7 cents at mostly 7-75 and 3/4. DNS wheat with 14 percent protein prices were down 5 and 1/4 cents at mostly 8-43.
August live cattle were up 82 and half cents on Wednesday at 152-32 and half. August Feeder cattle were up 42 and half cents at 216-20. August class III milk was down 31 cents at 20-38.