Wheat Markets Give Back Tuesday's Gains

I’m KayDee Gilkey with the Market Line Report for August 21, 2014.
On Wednesday wheat markets gave up Tuesday’s gains. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grain trade saw a little pressure on the markets — for whatever reason — we still want to sell. We have plenty of supply. Everything looks good. Wednesday’s livestock we saw a little bit of a blood bath across the board. Although rumors are that supply is going to be tight. Sellers came in full of bound, and really pounded on the markets trying to get them down limit on the day. As we saw feeder cattle down near limits and live cattle as well. I think this is what we’ve been looking for as a key action of a market that has finally realized that higher prices cure higher prices.”
Chicago September Wheat ended Wednesday down 6 and 1/2 cents at 5-39 and 1/2. September corn ended the day down 3 cents at 3-59 and 1/2.
Portland prices for soft white wheat were up 3 and 1/2 to 9 cents at mostly 6-85 and 3/4. White club wheat prices were up 18 and 1/2 to 43 and 1/2 cents at mostly 8-04 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 5 and 3/4 cents at mostly 7-17 and 3/4. DNS wheat with 14 percent protein prices were down 6 and 1/2 cents at mostly 7-70 and 1/4.
October live cattle were down $1.82 and half on Wednesday at 145-40. September Feeder cattle were limit down $3.00 at 211-25. September class III milk was up 29 cents at 23-14.