Grain Markets Down Across the Board Wednesday

March Chicago wheat posted a new contract low. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday's markets.

Horwitz: "Wednesday's grain trade pretty ugly out there as not even an unchanged announcement from the Fed could help buoy the grains a little bit as we saw losses across the board. Soybeans down about 17 cents wheat down about 15 and corn down about 4. But as we continue to say, the trend is lower so why fight the trend. There is no major demand, there is still plenty of supply as we peaked a year ago in the drought we are now seeing the fruits of what is going on in the market. That is there is plenty of supply and no reason to be a buyer."

Chicago March Wheat ended Wednesday down 14 and 1/2 cents at 5-51 and 1/2. March corn ended the day down 4 and 1/2 cents at 4-27 and 1/2.??Portland prices for soft white white were down 14 and 1/2 cents at mostly 6-59. White club wheat prices were down 14 and 1/2 cents at mostly 6-84. Hard Red Winter wheat with 11.5 percent protein prices were down 13 and 1/4 cents at mostly 7-55 and 3/4. DNS wheat with 14 percent protein prices were down 7 cents ranging between 7-88 and 7-93.

?February live cattle were down 47 and half cents Wednesday at 142-07 and half. March Feeder cattle were up 85 cents at 169-22 and half. February class III milk was down a penny at 22-91.