Wheat Markets Down on Tuesday

Wheat markets rallied Tuesday morning but ended the day down. From the floor of the CME Group, Scott Shellady shares his observations of Tuesday’s markets.Shellady: “Kind of interesting, a little bit of the flip side of what we had on Monday. Strength in the meal complex and strength in the beans kind of gave way to some profit taking today. We saw most of the things wash out today. Corn is really leading the way. Corn is off about 3 and 1/2 cents in the July contract and then wheat followed up with a 5 and 1/4 cent loss. What that tells me — things are getting better. The planting progress report was out last night and we’re getting it in. It is a little behind but it is getting in.”Chicago July Wheat ended Tuesday down 4 cents at 6-70 and 1/2. July corn ended the day down 3 and 3/4 cents at 4-73 and 1/2.?Portland prices for soft white wheat were down 9 to 10 cents at mostly 7-42. White club wheat prices were down 9 to 10 cents at mostly 7-87. Hard Red Winter wheat with 11.5 percent protein prices were down a half a cent at mostly 8-43 and 1/4. DNS wheat with 14 percent protein prices were down half of a cent to 10 and 1/2 cents at mostly 8-66 and 1/4.
June live cattle were down 65 cents on Tuesday at 138-75. August Feeder cattle were down 27 and half cents at 195-92 and half. June class III milk was up 8 cents at 20-27.