Wheat Markets Mixed on Monday

I’m KayDee Gilkey with the Market Line Report for May 20, 2014.Wheat markets were mixed Monday but following Friday’s bullish Cattle on Feed Report live and feeder cattle markets were sharply higher. From the floor of the CME Group, Joe Vaclavik shares his observations of Monday’s markets.Vaclavik: “Wheat futures are really relying on a very heavy rain that is expected to occur early next week. Good chunk of Oklahoma, Kansas, Nebraska and Colorado expected to get heavy, heavy rains here six to seven days out. Now if that rain doesn’t come to fruition you could very easily see this wheat market right back up. But for the moment, I think that the weather forecast was the catalyst for a much bigger speculative sell-off and we are kind of in no-man’s land waiting to see if these rains come to fruition.”Chicago July Wheat ended Monday up a 1/4 of a cent at 6-74 and 1/2. July corn ended the day 6 and 1/4 cents at 4-77 and 1/4.?Portland prices for soft white wheat were steady to up 5 and 1/4 cents at mostly 7-49 and 3/4. White club wheat prices were steady to up 5 and 1/4 cents at mostly 7-94 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up a penny at mostly 8-43 and 3/4. DNS wheat with 14 percent protein prices were down a 1/2 of a cent at mostly 8-71 and 3/4.?June live cattle were up $1.50 on Monday at 139-40. August Feeder cattle were up $2.87 and half at 196-20. June class III milk was down 30 cents at 20-19.