Rain in Mid-West Pressures Wheat Prices on Monday

I’m KayDee Gilkey with the Market Line Report for April 14, 2015.
Positive weather news helped wheat to end Monday lower. From the floor of the CME Group, Jack Scoville shares his observation of Monday’s markets.
Scoville: “Generally a lower day today in the grain room. Wheat the big leader to the downside. Certainly has been a weather market and helped support that market earlier in the last few weeks. But some better than expected rains over the weekend, especially in the Panhandles of Texas and Oklahoma and also well generally in the Great Plains created some big time selling in here over the course of the day today. It looks like we will close right on our lows. Pretty impressive melt-down considering that everything that has been going on over there and considering that one rainstorm will not make or break a crop.”
Chicago July Wheat ended Monday down 23 and 3/4 cents at 5-00 and 1/2. July corn ended the day down 6 and 3/4 cents at 3-78.
Portland prices for soft white wheat of ordinary protein were steady to down 24 and 1/4 cents at mostly 6-24 and 3/4. White club wheat of ordinary protein prices were down 20 to 24 and 1/4 cents at mostly 8-34 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 29 and 3/4 to 34 and 3/4 cents at mostly 6-39. DNS wheat with 14 percent protein prices were down 21 cents at mostly 8-40.
June live cattle were up 15 cents on Monday at 148-95. May Feeder cattle were up 32 and half cents at 210-05. May class III milk was down 17 cents at 15-60.