Grains Lower Across the Board on Wednesday

I’m KayDee Gilkey with the Market Line Report for February 19, 2015.
Grains all closed lower on Wednesday. Wheat closed lower as Egypt reversed plans to buy more wheat. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain saw lower prices across the board and I don’t think it is any real surprise. I think we look at the overall market and we see basically a market that is consolidating. Maybe it is waiting for the March USDA report. There is a lot of reasons why. At the end of the day, I still think I’m positive on the grain markets, they want to work their way higher. This consolidation pattern will last. If we look at the data that is out there has been out there for a while. Unless there is some unbelievably bad news — what is going to force prices lower?”
Chicago May Wheat ended Wednesday down 8 cents at 5-23 and 3/4. May corn ended the day down 5 and 3/4 cents at 3-92.
Portland March prices for soft white wheat of ordinary protein were down 6 to 8 cents ranging between 6-62 and 6-63 and 3/4. White club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 14 and 1/4 to 34 and 1/4 cents at mostly 6-46. DNS wheat with 14 percent protein prices were down 6 and 3/4 cents at mostly 8-72.
April live cattle were up $1.90 on Wednesday at 152-62 and half. April Feeder cattle were up $1.35 at 202-07 and half. April class III milk was up 15 cents at 15-94.