Wheat Markets Has a Slight Bounce Higher

I’m KayDee Gilkey with the Market Line Report for June 5, 2014.
The grain markets were mixed on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade we see pretty much mixed across the board. Corn was up, beans were unchanged and wheat finally got a little bit of a bid. But really when you look at the overall picture — wheat and corn are really in the tank for sure - they continue to go lower at every tick. I think in the overall picture I think what you are seeing is a market that is going to go lower. I see no reason to go for it to go higher. Planting seeding has been fine. Moisture has been fine. Temperatures have been fine. There is going to be plenty of supply. I don’t know how big the demand is going to be.”
Chicago September Wheat ended Wednesday up 2 cents at 6-25. September corn ended the day down 1 and 3/4 cents at 4-52 and 1/4.
Portland prices for soft white wheat were up 2 to 4 and 1/2 cents at mostly 7-16 and 1/4. White club wheat prices were up 2 to 4 and 1/2 cents at mostly 7-61 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were up 5 and 3/4 cents at mostly 7-90 and 1/2. DNS wheat with 14 percent protein prices were up a nickel to a dime at mostly 8-23 and 1/2.
August live cattle were up a dime on Wednesday at 140-17 and half. August Feeder cattle up 47 and half cents at 198-77 and half. July class III milk was down 7 cents at 20-33.