Wheat Begins Week Down and Feeders Limit Up on Monday

I’m KayDee Gilkey with the Market Line Report for June 10, 2014.
Quiet day in the grains market on Monday but feeder cattle were up the limit at $3. From the floor of the CME Group Scott Shellady shares his observations of Monday’s cattle and grain markets.

Shellady: “We had some decent moves over in the livestock. We had feeders up the limit today — $3 bucks. And that was obviously going to drag live cattle in sympathy as well as lean hogs. The grain room we still have some capitulation going on in both the wheat and corn market. Corn was off as much as 11 to 12 cents some point in time during the day. We ended up closing off just off the lows and lets call corn down about 8 cents.”
Chicago September Wheat ended Monday down 5 and 1/2 cents at 6-24 and 3/4. September corn ended the day down 8 and 3/4 cents at 4-47and 1/2.
Portland prices for soft white wheat were down 3 and 1/4 to 5 and 3/4 cents at mostly 7-18 and 1/4. White club wheat prices were down 3 and 1/4 to 5 and 3/4 cents at mostly 7-63 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 1 and 3/4 cents at mostly 8-10 and 3/4. DNS wheat with 14 percent protein prices were down 4 and 3/4 cents at mostly 8-38 and 1/2.
August live cattle were up $1.97 and half on Monday at 143-27 and half. August Feeder cattle up $3 even at 203-52 and half. July class III milk was up 16 cents at 20-44.