Wheat Closes Lower on Tuesday

I’m KayDee Gilkey with the Market Line Report for April 15, 2015.
Wheat closed lower as rain is in the forecast in the Southwestern Plains. From the floor of the CME Group, Virginia McGathey shares her observation of Tuesday’s markets.
McGathey: “We got rains across the plains that is what really started to put some pressure on the wheat market. We were down under the $5 mark but kind of popped back up. We’re still lower on the day but holding right at $5 it’s really a strong number and should hold for the next coming days. Corn is a little bit higher. They are a behind in the planting — but not really that much. We’re still getting support from weaker dollar so we’re going to be watching that very closely.”
Chicago July Wheat ended Tuesday down 3 and 3/4 cents at 4-96 and 1/2. July corn ended the day up 3 cents at 3-81.
Portland prices for soft white wheat of ordinary protein were steady to down 5 and 1/4 cents at mostly 6-21. White club wheat of ordinary protein prices were down 5 and 1/4 to 10 cents at mostly 8-28. Hard Red Winter wheat with 11.5 percent protein prices were down 7 and 1/4 cents at mostly 6-31 and 3/4. DNS wheat with 14 percent protein prices were down 8 cents at mostly 8-32.
June live cattle were up $1.47 and half on Tuesday at 150-42 and half. May Feeder cattle were up 75 cents at 210-80. May class III milk was steady at 15-60.