Wheat Continues Downward on Wednesday

Wheat markets continued the trend lower on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade saw a little bit of a reversal of fortunate as markets were much lower and then ended up rallying on the day — all but for the exception of poor old wheat. Wheat continues and remains weak but it did come back and have a nice little rally from its lows. So we saw a bounce off the lows across the board. Corn and soybeans floating higher on the day. Wheat still lower. Now wheat is interesting down below its 200-day average. Corn is just a little bit above.”
Chicago July Wheat ended Wednesday down 2 and 1/4 cents at 6-38 and 3/4. July corn ended the day up 2 and 3/4 cents at 4-72 and 1/2.
Portland prices for soft white wheat were steady to down 2 and 1/4 cents at mostly 7-24 and 1/4. White club wheat prices were steady to down 2 and 1/4 cents at mostly 7-69 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 2 and 1/4 cents at mostly 8-11. DNS wheat with 14 percent protein prices were down a half of a cent at mostly 8-51.
June live cattle were up 55 cents on Wednesday at 136-15. August Feeder cattle were up $2.07 and half at 195-57 and half. June class III milk was down 75 cents at 21-03.