Cattle Up, Grains Lower on Tuesday

I’m KayDee Gilkey with the Market Line Report for July 2, 2014.
There was no bounce back of grains market following Monday’s USDA reports. However, feeder cattle for August ended the day limit up. From the floor of the CME Group, Greg Wagner shares his observations of Tuesday’s markets.
Wagner: “Grain trade here on Tuesday at the CME group follow through action after that absolutely dramatic move following the acreage and grain stocks report that came out yesterday. However, I would note that we closed off our lows — particularly with soy beans and corn — and that may be the first sign of some kind of recovery but the question becomes, ‘How much of a recovery can we get?’”
Chicago September Wheat ended Tuesday down a nickel at 5-72 and 1/2. September corn ended the day down 2 and 3/4 cents at 4-16.
Portland prices for soft white wheat were down 5 to 7 and 1/2 cents at mostly 6-86 and 1/2. White club wheat had no price comparisons but were at mostly 7-36 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices down 11 and 1/2 cents at mostly 7-82 and 3/4. DNS wheat with 14 percent protein prices were mixed down 1 and 3/4 to up 10 and 1/4 cents at mostly 8.51 and 1/4.
August live cattle were up $1.42 and half on Tuesday at 151-50. August Feeder cattle up $3.00 at 215-77 and half. August class III milk was down 49 cents at 20-69.