Wheat Markets Down on Thursday

The wheat markets was down across the board on Thursday. From the floor of the CME Group, Larry Shover shares his observations of Thursday's markets.

Shover: "Well Thursday's grain trade in the afternoon we saw July wheat down 6 on the day giving a lot of fodder to the bears. As the Russian Agricultural Minister comes out to say that Russia's harvest will rise 100 metric tons — the largest in five years. To add on top of that European Union came out and said basically the same thing — the largest crop to be expected since 2008. Other than that, sales came out 352,000 metric tons — right in line with estimates."

Chicago July Wheat ended Thursday down a nickel at 6-59 and 1/4. July corn ended the day up 2 and 1/4 cents at 4-76 and 3/4.?Portland prices for soft white wheat were steady to down a nickel at mostly 7-34 and 1/2. White club wheat prices were steady to down a nickel at mostly 7-79 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 9 and 3/4 cents at mostly 8-26 and 3/4. DNS wheat with 14 percent protein prices were down 2 and 3/4 to 7 and 3/4 cents at mostly 8-63.?June live cattle were down 67 and half cents on Thursday at 137-60. August Feeder cattle were up 60 cents at 196-52 and half. June class III milk was up 75 cents at 20-98.