Wheat's Slow March Lower

Wheat futures were pressured by spillover from the corn market and a lack of bullish export demand news. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday's markets.

Horwitz: "Wednesday's grain trade pretty much of a mixed market as we sit basically on the side lines waiting for the crop report that is due on Friday the 8th. Basically we've been just churning back and forth but I think some interesting things have been happening as you can see corn continues to make new lows now looking down around at that 4.20 level. Wheat after popping up to $7 level just only a week ago is now broken down in to that $6.40 range."

Chicago December Wheat ended Wednesday down 2 and 3/4 cents at 6-53 and 1/4. December corn ended the day down 3 and 3/4 cents at 4-21 and 1/4.??Portland prices for soft white white were mixed down 2 and 3/4 to up 2 and 1/4 cents at mostly 6-99 and 3/4. White club wheat prices were mixed down 2 and 3/4 to up 2 and 1/4 cents at mostly 7-19 and 3/4. Bids for Hard Red Winter wheat with 11.5 percent protein prices were not available for November delivery. DNS wheat with 14 percent protein were down 1 and 1/2 cents at mostly 8-26 and 1/4.

?December live cattle were down 2 and half cents Wednesday at 132-02 and half. January Feeder cattle were up 47 and half cents at 165-55. December class III milk was down 27 cents at 17-86.