Selling Pressure for Wheat Market on Monday

From the floor of the CME Group, Alexandra Lively shares her observations of Monday’s markets.
Lively: “Moving on to wheat, the market came under some selling pressure after the rally seen last week. While many technical analysts tell me that the chart remains bearish for wheat. The bulls are still pointing to concerns over protein content in soft wheat and harvest quality or poor yields in hard red winter wheat. The bears continue to focus on ample world wheat supplies and the premium that U.S. wheat holds over global competitors which leads some here on the floor to estimate that U.S. wheat exports could fall over 20 percent.”
Chicago September Wheat ended Monday down 4 and 1/4 cents at 5-89. September corn ended the day down 9 and 1/4 cents at 4-39.
Portland prices for soft white wheat were unchanged to down 5 and 1/2 cents at mostly 6-98 and 1/4. White club wheat prices were unchanged to down 5 and 1/2 cents at mostly 7-34 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down nickel to a dime at mostly 8-00 and 3/4. DNS wheat with 14 percent protein prices were mixed down 5 and 1/4 to up 14 and 3/4 cents at mostly 8-44 and 1/4.
August live cattle were up 60 cents on Monday at 146-92 and half. August Feeder cattle up $1.02 and half at 207-90. July class III milk was up 33 cents at 21-88.