Tuesday's Grain Markets Lower Across the Board

I’m KayDee Gilkey with the Market Line Report for March 18, 2015.
Wheat market loses most of previous day’s gains on Tuesday and corn ends lower as well. From the floor of the CME Group Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets here in Chicago were lower across the board on Tuesday. We had a lower trade in the corn market, soybean market and the wheat market as well. We’ll start off with the corn market which posted some new multi-week and multi-months lows here on Tuesday as a matter of fact. Taking out those previous lows from back in late January and early February. The story here for the moment is that farmers are sitting on a excessive amount of old crop inventory and a lot of that is going to have to come to the market here sometime between now and this fall. Most of it either ahead of planting or sometime in the early-to-mid summer months.”
Chicago May Wheat ended Tuesday down 10 and 1/2 cents at 5-03 and 1/2. May corn ended the day down 8 cents at 3-79.
Portland prices for soft white wheat of ordinary protein were steady to down 10 and 1/2 cents at mostly 6-34 and 1/4. White club wheat of ordinary protein prices were steady to sown 10 and 1/2 cents at mostly 8-54 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 12 and 1/4 cents at mostly 6-55 and 3/4. DNS wheat with 14 percent protein prices were down 11 and 1/4 cents at mostly 8-78 and 3/4.
April live cattle were up 37 and half cents on Tuesday at 153-57 and half. April Feeder cattle were down 2 and half cents at 210-02 and half. April class III milk was down a penny at 15-38.