Wheat Lower Following Release of Bearish USDA Report

I’m KayDee Gilkey with the Market Line Report for September 12, 2014.
Wheat down again after the bearish USDA report were released. From the floor of the CME Group, Alexandra Lively shares her observations of Thursday’s markets.
Lively: “After the USDA World Supply and Demand Report was released, selling pressure hit the market immediately. And new contract lows hit in beans, corn, and wheat when just prior to the report, those contracts had already hit fresh lows. Chicago oats fell 1 percent but was still at a premium to corn and which has not been seen in almost 12 years. For wheat the report showed U.S. wheat supplies increasing due to higher than expected imports from Canada. Global wheat production was raised.”
Chicago December Wheat ended Thursday down 10 and 1/4 cents at 5-09 and 1/4. December corn ended the day down 4 and 3/4 cents at 3-41.
Portland prices for soft white wheat were steady to down a 1/4 of a cent at mostly 6-77 and 1/4. White club wheat prices were down 5 and 1/4 to 5 and 1/2 cents at mostly 9-02 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 9 and 1/4 cents at mostly 7-26 and 1/4. DNS wheat with 14 percent protein prices were down 6 cents at mostly 8-65 and 3/4.
October live cattle were down $2.32 and half onThursday at 157-37 and half. October Feeder cattle were down $1.52 and half at 225-60. October class III milk was down 4 cents at 22-78.