Wheat Dragged Lower By Corn Spillover

I’m KayDee Gilkey with the Market Line Report for July 24, 2013. ?
September Chicago wheat pushed to a new low for the move Tuesday but managed to close above its early July lows as buyers came into the market near the end of the session. From the floor of the CME Group, Scott Shellady shares his observations of Tuesday’s markets.
Shellady: “So the story today was we really saw some weakness in the front month bean complex which dragged all the other beans down with it. We saw corn really surprise some people with some decent liquidation today -- kinda market copulation, giving up the ghost. I still think we will get another scare to the upside, if you are long that will be a good chance to sell it. I’m revising my downside target to closer to $4 rather than $4.50. So really right now it is an ugly scene over there but things got cheaper today than from yesterday.”

Chicago September Wheat ended Tuesday down 6 cents at 6-53 and 3/4. September corn ended the day down 18 and 1/4 cents at 5-22 and 1/2.

Portland prices for soft white wheat and club wheat were down 1 to 6 cents at 7-17. Hard Red Winter Wheat with 11.5 pct protein prices were steady to down 3 cents at mostly 8-06. DNS wheat with 14 pct protein prices were down 2 and 3/4 cents at mostly 8-48. ??

August live cattle were up 2 and half cents Tuesday at 121-90. August Feeder cattle were up 67 and half cents at 153-60. August class III milk was down a penny at 17-88.