Grains Closed Lower

I’m KayDee Gilkey with the Market Line Report for May 2, 2013. ?
Wheat followed other commodities lower despite cold temperatures and continued dry conditions in the Southern Plains. From the floor of the CME Group,Todd Horwitz shares his observations of Wednesday’s markets.

Horwitz: “On Wednesday the grains continued back to their true form -- which was to be sellers. We talked about it the other day after the report came out and grains had rallied up very large as we saw corn rising up at the $6-60 - $6-70 level and wheat at the $7-40 level -- the overall trend here continues to be lower. What we are looking for is an opportunity to sell because no matter what the news happens to be we are looking at bear markets across the board.”

Chicago July Wheat ended Wednesday down a dime at 7-21. July corn ended the day down 3 and 1/4 cents at 6-46 and 3/4.??Portland prices for soft white wheat and club wheat were were steady to down a dime at mostly 7-75 and 1/2. Hard Red Winter Wheat with 11.5 pct protein prices were down 2 and 1/4 to 7 and 1/4 cents at mostly 9-15 and 1/4. DNS wheat with 14 pct protein prices were down 6 and 1/4 cents at 9-38 and 3/4. ??June live cattle were up Wednesday 57 and half cents at 122-47 and half. August Feeder cattle were down 17 and half cents at 148-72 and half. June class III milk was down 9 cents at 19-45.