Wheat Again Down on Thursday

I’m KayDee Gilkey with the Market Line Report for May 30, 2014.
Wheat markets continued lower on Thursday. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.
Shover: “Wheat closed on the day July wheat about 7 and 1/2 cents. People are concerned about U.S. however global markets seemed to be okay. Canadian seeding about 50 percent complete. Texas harvest should be about complete at this point. We do see certain production losses in the U.S. but also keep in the mind that demand seems to be down. The big story we continue to keep talking about is that U.S. is not competitive right now especially seeing the surpluses we are seeing in Canada.”
Chicago July Wheat ended Thursday down 6 and 1/4 cents at 6-32 and 1/2. July corn ended the day down 3 cents at 4-69 and 1/2.?Portland prices for soft white wheat were steady to down 6 and 1/4 cents at mostly 7-20. White club wheat prices were steady to down 6 and 1/4 cents at mostly 7-65. Hard Red Winter wheat with 11.5 percent protein prices were down 5 and 1/2 cents at mostly 8-05 and 1/2. DNS wheat with 14 percent protein prices were down 3 and 1/2 cents at mostly 8-47 and 1/2.
June live cattle were up $1.87 and half on Thursday at 138-02 and a half. August Feeder cattle were up $1.47 and half at 197-05. June class III milk was down 45 cents at 20-58.