Sharply Lower Grain Prices on Tuesday

Prices lower across the board in the grain markets as well as the fats and feeder cattle. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets here sharply lower on Tuesday. We had steep losses across the board in corn market, the soybean market, and also the wheat market. This was on the heels of the big USDA Reports on Monday. Now the information that USDA put out was kinda of negative for the soybean market and it was negative for the wheat market. So the sell-off in those two markets on a day like today, should not be necessarily hugely surprising. The corn market, however, was the big surprise today on Tuesday we had actually pretty positive action in the corn market on report day and then gave back all those gains and then some today.”
Chicago March Wheat ended Tuesday down 7 and 1/2 cents at 5-48. March corn ended the day down 16 and 1/4 cents at 3-85 and 3/4.
Portland prices for soft white wheat of ordinary protein were steady to down 7 and 1/2 cents at mostly 6-53. White club wheat of ordinary protein prices were steady to down 7 and 1/2 cents at mostly 9-21. Hard Red Winter wheat with 11.5 percent protein prices were down 8 and 3/4 cents at mostly 6-69 and 3/4. DNS wheat with 14 percent protein prices were down 6 and 3/4 cents at mostly 8-31 and 1/2.
February live cattle were down $3 on Tuesday at 157-45. March Feeder cattle were down $2.37 and half at 210-92 and half. February class III milk was up 13 cents at 15-07.