Wednesday's Grain Markets Close Mixed

I’m KayDee Gilkey with the Market Line Report for May 22, 2014.

The wheat market was slightly down on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Howitz: “Wednesday’s grain was pretty much a mixed market. We saw a big spike up in soybeans and little bit of a selloff in corn and wheat basically unchanged on the day. But I think if you get the bigger theme in which we’ve been talking about is basically we want to be on the short side of these markets and in fact last week we said we’re only want to be on the sell side of the card. Now we’re getting to the point where you may want to do some nibbling in corn and wheat as I’m expecting some sort of a dead cat bounce. But the bigger picture is this — first of all the weakness in the U.S. dollar is not still not having help to propel higher prices in the grain markets. I think the planting season is working out alright. I think the weather is working out alright.”
Chicago July Wheat ended Wednesday down 6 and 1/4 cents at 6-64 and 1/4. July corn ended the day up a penny at 4-74 and 1/2.
Portland prices for soft white wheat were steady to down 6 and 1/4 cents at mostly 7-37 and 3/4. White club wheat prices were steady to down 6 and 1/4 cents at mostly 7-82 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 6 and 3/4 cents at mostly 8-36 and 1/2. DNS wheat with 14 percent protein prices were up a half of a cent at mostly 8-68 and 3/4.
June live cattle were down 47 and half cents on Wednesday at 138-27 and half. August Feeder cattle were up 60 cents at 196-52 and half. June class III milk was down 4 cents at 20-23.