Wheat Closed Lower

The more positive technical action Tuesday helped support some follow-through buying early on Wednesday, but news that India will cut their floor export price helped to pressure as traders see higher exports from India as slowing exports from the US and Europe. From the floor of the CME Group,Scott Shellady shares his observations of Wednesday's markets.

Shellady: "We saw the grain market it is kind of tale of two cities here -- we had corn and wheat down on the day -- but beans still nervous about last week's big exports. We have a export number tomorrow so they are the ones buoyed here up five cents. Corn down a couple, wheat down about six -- so those markets are still languishing. Hey, it is hard to say anything as we are still waiting for that November 8th report. I can say that most farmers are holding on to their grain, they're holding on to their beans and they're holding on to their corn."

Chicago December Wheat ended Wednesday down 6 and 1/4 cents 6-75. December corn ended the day down 1 and 3/4 cents at 4-30 and 1/4.??Portland prices for soft white white were down 6 and 1/4 cents at mostly 7-11 and 1/2. White club wheat prices were down 6 and 1/4 cents at mostly 7-56 and 1/2. Bids for Hard Red Winter and DNS wheat were not available for October or November delivery as most exporters were not issuing bids for nearby delivery.

?December live cattle were down $1.15 Wednesday at 133-12 and half. November Feeder cattle were down $1.80 at 164-95. November class III milk was down a penny at 18-62.