Wheat Markets Back in the Red Thursday

Wheat markets were down on Thursday. From the floor of the CME Group, Larry Shover shares his observations of Thursday’s markets.
Shover: “Wheat after peaking in early May at $7.40 it’s been a one way freight train lower. We see wheat down 8 on the day. Total commitment as a percentage of exports at 99 percent. Turkey purchases 165,500 metric tons from the Black Sea. Russia lowers its grain estimates slightly but still better than last year implied wheat production is at 50 to 53 million metric tons.”
Chicago September Wheat ended Thursday down 8 and 3/4 cents at 6-16 and 1/4. September corn ended the day down 8 cents at 4-44 and 1/2.
Portland prices for soft white wheat were mixed down 4 and 1/2 to up 1 and 1/4 cents at mostly 7-13 and 3/4. White club wheat prices were mixed down 4 and 1/2 to up 1 and 1/4 cents at mostly 7-68 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were up a 1/2 of a cent at mostly 7-91. DNS wheat with 14 percent protein prices were up a penny at mostly 8-24 and 1/2.
August live cattle were up $1.15 on Thursday at 141-32 and half. August Feeder cattle up $1.05 at 199-82 and half. July class III milk was down 37 cents at 20-70.