Wheat Down on Wednesday

I’m KayDee Gilkey with the Market Line Report for April 17, 2014.

Wheat turned downward on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.

Horwitz: “Wednesday’s grain market pretty much of a mixed market. Although we saw an early spike where they tried to push higher — we saw wheat up at $7-18 and corn up to $5-10 but by the end of the day wheat sold off pretty hard and down around $6.93 Corn came back to 5-01. We’re still seeing a lot of affects based on what is going on in the Ukraine. We’re still seeing what we like to call the silo-squeeze and if you are doing the short-squeeze dance. That is what we are seeing here up in the front-month contracts.”

Chicago May Wheat ended Wednesday down 13 and 3/4 cents at 6-88. May corn ended the day down 6 and 1/4 cents at 4-97 and 1/2.

Portland prices for soft white wheat were down 2 to 20 and 3/4 cents at mostly 7-67 and 1/4. White club wheat prices were down 13 and 3/4 to 20 and 3/4cents at mostly 8-17 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 11 to 16 cents at mostly 8-69 and 1/2. DNS wheat with 14 percent protein prices were down 7 to 12 cents at mostly 8-74 and 1/2.

 

June live cattle were up 20 cents on Wednesday at 135-62 and half. May Feeder cattle were up 12 and half cents at 179-90. May class III milk was up 19 cents at 22-even.