Wheat Down Again on Tuesday

Tuesday was a relatively quiet day in the grain markets. From the floor of the CME Group Alexandra Lively shares her observations of Tuesday’s markets.Lively: “Wheat has continued to be under pressure throughout the morning session. In terms of wheat, analysts tell me that the earlier rally in wheat appeared to be funds buying wheat and selling corn and beans against it. Traders and analysts says that bulls continue to look at the poor winter wheat conditions and slow planting of spring wheat due to weather. However the bears are pointing to ample world supplies and weaker demand from the U.S. due to cheaper prices else where. Pit traders tell me that if July closes below trend line support this could open the door to lower prices.” Chicago July Wheat ended Tuesday down 5 and 3/4 cents at 7-09 and 1/4. July corn ended the day up 3 and 1/4 cents at 5-02 and 3/4. Portland prices for soft white wheat were steady to down 5 and 3/4 cents at mostly 7-82 and 3/4. White club wheat prices were steady to down 5 and 3/4 cents at mostly 8-27 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were mixed down 4 and 3/4 to up a quarter of a cent at mostly 9-04 and 3/4. DNS wheat with 14 percent protein prices were up 4 cents at mostly 9-27 and 3/4. June live cattle were down 65 cents on Tuesday at 137-even. August Feeder cattle were down 20 cents at 191-67 and half. June class III milk was down 41 cents at 20-70.