Second Down Day in Wheat

Chicago wheat was down to the lowest level since September 16th. Sluggish weekly sales news and follow-through selling from the shock of the massive Canadian wheat production number on Wednesday helped to pressure. From the floor of the CME Group, Larry Shover shares his observations of Thursday's markets.

Shover: "Today's grain trade really did end with a whimper. Given yesterday's volatility we saw corn down 4 - a lot traders thought there'd be some short coverings today -- really didn't see a lot of action. Wheat was mixed to lower on the down meaning down 8 or 9 cents across the exchanges. It seems that we're having a record production out of Australia that's giving some bearish news to the wheat forecast."

Chicago March Wheat ended Thursday down 9 and 3/4 cents at 6-52. March corn ended the day down 3 cents at 4-33 and 1/2.??Portland prices for soft white white were down 4 and 3/4 to 9 and 3/4 cents at mostly 7-17. White club wheat prices were down 4 and 3/4 to 9 and 3/4 cents at mostly 7-42. Hard Red Winter wheat with 11.5 percent protein prices were down 9 cents at mostly 7-92 and 1/4. DNS wheat with 14 percent protein prices were down 8 and 1/4 cents at mostly 8-21 and 1/4.

?February live cattle were down $1.52 and half Thursday at 132-90. January Feeder cattle were down 92 and half cents at 164-12 and half. January class III milk was down 27 cents at 18-45.