Bearish USDA Report Sends Grains Lower

I’m KayDee Gilkey with the Market Line Report for June 11, 2015.
Rather bearish USDA report sends grain markets lower on Wednesday. From the floor of the CME Group, Virginia McGathey shares her observation of Wednesday’s markets.
McGathey: “Wednesday’s grain market right after the USDA report we’re seeing wheat leading the way here on the downside — down about 17 cents. Really gave it all back - we rallied up in the last week or so and really got the market up to almost $5.40 a bushel and now we are in the low teens. And it looks like the selling is coming in and the lid is put on this wheat market as it stands. Corn the report came out also as bearish. World stocks are really strong and they are expecting that ethanol won’t need as much corn and that is going to leave us with a lot of stocks available.”
Chicago July Wheat ended Wednesday down 18 and 3/4 cents at 5-13 and 1/2. July corn ended the day down 7 and 3/4 cents at 3-57 and 1/4.
Portland prices for soft white wheat of ordinary protein were down 1 to 17 and 1/2 cents for August delivery of new crop ranging between 5-85 and 6-16 and 1/4. White Club wheat of ordinary protein had no price comparisons. Hard Red Winter wheat with 11.5 percent protein prices were down 17 and 3/4 cents at mostly 6-26 and 1/2. DNS wheat with 14 percent protein prices were down 40 and 3/4 cents at mostly 7-30.
August live cattle were up 65 cents on Wednesday at 153.52 and half. August Feeder cattle were up $2.55 at 226.77 and half. July class III milk was down 4 cents at 17-48.