Wheat Markets Continue Downward

I’m KayDee Gilkey with the Market Line Report for June 3, 2014.

Monday brought another down day to the wheat market. From the floor of the CME Group, Alexandra Lively shares her observations of Monday’s markets.
Lively: “The grain markets continue to have morning pressure on the first trading session of June. Moving on to wheat, world prices continue to fall and continue to pressure the market, analysis tell me that there are reports of Russia offering wheat with 11.5 protein for $242 FOB for August delivery and they’ve had trouble even finding buyers at that low price. And to put this into perspective, French wheat is expected to be at $265 FOB for 11 percent protein and the U.S. soft red winter wheat has about a $2 premium to French wheat.”Chicago September Wheat ended Monday down 8 cents at 6-31 and 3/4. September corn ended the day up 1 and 1/4 cents at 4-59 and 1/4.
Portland prices for soft white wheat were down 6 and 1/2 to 9 and 1/4 cents at mostly 7-12 and 1/4. White club wheat prices were down 6 and 1/2 to 9 and 1/4 cents at mostly 7-57 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 4 and 1/4 cents at mostly 7-95 and 3/4. DNS wheat with 14 percent protein prices were down 9 and 1/4 cents at mostly 8-28 and 1/4.
August live cattle were up 52 and half cents on Monday at 139-12 and half. August Feeder cattle up 52 and half cents at 197-57 and half. July class III milk was up 16 cents at 20-78.