Double Digit Loss for Wheat Markets on Tuesday

I’m KayDee Gilkey with the Market Line Report for July 30, 2014.
Tuesday brought yet another contract low for Chicago September wheat. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets were lower across the board on Tuesday. Corn lower, soybeans lower and wheat lower. The wheat market new lows on Tuesday as a matter of fact. It just seems as a feed grain the wheat market is over priced when compared to corn; on the world market we may be a little overpriced relative to some other countries. The fund trader continues to press there already there a pretty big short positions in the Chicago wheat markets — so really nothing but trouble there. Now moving forward I really think that demand is going to return to the conversation, in the corn market especially.”
Chicago September Wheat ended Tuesday down 14 and 3/4 cents at 5-20. September corn ended the day down 6 and 1/4 cents at 3-61 and 1/2.
Portland prices for soft white wheat were down 7 and 3/4 to 14 and 3/4 cents at mostly 6-69 and 1/2. White club wheat prices were down 4 and 3/4 to 14 and 3/4 cents at mostly 7-37 and 1/2. Hard Red Winter wheat with 11.5 percent protein prices were down 14 cents at mostly 7-19 and 1/2. DNS wheat with 14 percent protein prices were down 10 and 3/4 to 15 and 3/4 cents at mostly 7-93 and 1/2.
October live cattle were steady on Tuesday at 159-07 and half. September Feeder cattle were up $1.25 at 222-45. September class III milk was up 31 cents at 21-38.