Wheat Markets Follow Other Grains Downward

I’m KayDee Gilkey with the Market Line Report for September 10, 2014.
Wheat followed the other grains lower. From the floor of the CME Group, Alexandra Lively shares her observations of Tuesday’s markets.
Lively: “December wheat fell below yesterday’s lows as both December corn and November soybeans contracts hit fresh four-year-lows. Grain traders here in Chicago tell me that selling pressure came from easing concerns over frost from most of the U.S. The USDA reporting corn conditions at the sixth best on record. Spring wheat conditions fell 3 percent and harvest is 20 percent behind the five-year average. In addition U.S. wheat is still priced at a premium to most global competitors. And yesterday’s export inspections were below most trade expectations.”
Chicago December Wheat ended Tuesday down 6 cents at 5-27 and 1/2. December corn ended the day down 4 cents at 3-44 and 1/4.
Portland prices for soft white wheat were steady to down 6 cents at mostly 6-84 and 1/2. White club wheat prices were steady to down 6 cents at mostly 9-09 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 6 to 11 cents at mostly 7-40. DNS wheat with 14 percent protein prices were down a 1/2 of a cent to 5 and 1/2 cents at mostly 8-90 and 1/4.
October live cattle were up $1.15 on Tuesday at 159-67 and half. October Feeder cattle were up $1.82 and half at 227-75. October class III milk was up 59 cents at 23-57.