Wheat Closed Lower on Tuesday

I’m KayDee Gilkey with the Market Line Report for June 11, 2014.

Wheat and corn both closed lower on the day with good weather and good crop conditions pressuring the market. From the floor of the CME Group Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets here in Chicago were slightly lower on Tuesday. Corn was sharply lower, soybean market mixed and wheat sharply lower. Now in terms of growing conditions here in the United States for corn and soybeans things have been excellent — we’ve had adequate rainfall, we’ve had no major heat, we’ve really had no issues here aside from a wet weather in the North and a couple of areas that have had too much rain. But on the whole here you would have to say growing conditions for corn and also soybeans are the best they’ve been for years here in the U.S.”
Chicago September Wheat ended Tuesday down 11 and 3/4 cents at 6-13. September corn ended the day down 6 and 1/4 cents at 4-41and 1/4.
Portland prices for soft white wheat were unchanged to down 11 and 1/4 cents at mostly 7-10 and 3/4. White club wheat prices were unchanged to down 11 and 1/4 cents at mostly 7-47 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 7 and 3/4 cents at mostly 8-03. DNS wheat with 14 percent protein prices were down a nickel at mostly 8-33 and 1/2.
August live cattle were up 12 and half cents on Tuesday at 143-40. August Feeder cattle up $1.65 at 205-17 and half. July class III milk was up 17 cents at 20-71.