Wheat Markets Keep Moving Down

I’m KayDee Gilkey with the Market Line Report for June 4, 2014.

Tuesday was another down day in the grain markets. From the floor of the CME Group, Scott Shellady shares his observations of Tuesday’s markets.
Shellady: “Pretty tough being a bull at this moment in time, seeing that we live in the Garden of Eden. The numbers we got from the government yesterday showed that things are pretty well ahead of schedule. We’ve got right now corn down closing down around 8 cents and wheat down around 8 as well. Really all due to the fact that we have great planting conditions. Corn is about 13 percent ahead after yesterday’s numbers we got from the government. Things look good for now but we will probably get a pop towards the end of June.”
Chicago September Wheat ended Tuesday down 8 and 3/4 cents at 6-23. September corn ended the day down 5 and 1/4 cents at 4-54.
Portland prices for soft white wheat were mixed down 8 and 1/4 to up 4 and 1/4 cents at mostly 7-10. White club wheat prices were mixed down 8 and 1/4 to up 4 and 1/4 cents at mostly 7-55. Hard Red Winter wheat with 11.5 percent protein prices were down 11 cents at mostly 7-84 and 3/4. DNS wheat with 14 percent protein prices were down 12 and 3/4 cents at mostly 8-15 and 1/2.
August live cattle were up 95 cents on Tuesday at 140-07 and half. August Feeder cattle up 72 and half cents at 198-77 and half. July class III milk was down 38 cents at 20-40.