Grains Lower Across the Board Tuesday

I’m KayDee Gilkey with the Market Line Report for October 1, 2014.
Grains all traded lower after USDA Stocks Report was released on Tuesday. The U.S. dollar index remains higher also pressuring the market. From the floor of the CME Group, Joe Vaclavik shares his observations of Tuesday’s markets.
Vaclavik: “Grain markets here in Chicago were lower across the board on Tuesday following the quarterly grain stocks report from the USDA. The Grain Stocks report indicated larger than expected corn stocks, larger than expected wheat stocks. Despite the report the markets finished lower across the board. You know this stock report is really an update on the old crop situation more than anything that has to do with new crop production or yields. And I think that those things are much more important to the trade now than the old crop balance sheets.”
Chicago December Wheat ended Tuesday down 3 and 1/2 cents at 4-77 and 3/4. December corn ended the day down 5 cents at 3-20 and 3/4.
Portland prices for soft white wheat were down 8 and 1/2 to 16 and 1/4 cents at mostly 6-54. White club wheat prices were steady to down 8 and 1/2 cents at mostly 8-79. Hard Red Winter wheat with 11.5 percent protein prices were down 3 and 1/2 to 8 and 1/2 cents at mostly 7-11. DNS wheat with 14 percent protein prices were down 5 and 3/4 cents at mostly 8-08 and 1/2.
October live cattle were down 50 cents on Tuesday at 160-45. October Feeder cattle were up 77 and half cents at 235-42 and half. October class III milk was up 7 cents at 24-06.