Wheat Closed Lower on Bearish USDA Crop Report

I’m KayDee Gilkey with the Market Line Report for June 12, 2014.
No surprise or much positive news for wheat markets in the USDA Crop Report which was released yesterday. From the floor of the CME Group Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade saw the USDA come out with their Crop Report and apparently the street was right and they got exactly what they expected as we saw continued selling pressure across the board. I think it was most notably in wheat as wheat as we’ve been saying for weeks has been the weakest of all. And now with more supply being shipped in there is no reason even look at wheat. Wheat is down below $6 — six weeks ago it was up over $7.”
Chicago September Wheat ended Wednesday down 11 and 1/2 cents at 6-01 and 1/2. September corn ended the day down 3 and 3/4 cents at 4-37 and 1/2.
Portland prices for soft white wheat were down 12 to 30 and 3/4 cents at mostly 6-89 and 1/4. White club wheat prices were down 12 to 55 and 3/4 cents at mostly 7-19 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 21 and 3/4 cents at mostly 7-81 and 1/4. DNS wheat with 14 percent protein prices were down 5 and 1/2 to 15 and 1/2 cents at mostly 8-22.
August live cattle were down $1.20 on Wednesday at 142-20. August Feeder cattle down $2.30 at 202-87 and half. July class III milk was up 37 cents at 21-08.