Wheat Markets Pressured on Wednesday

I’m KayDee Gilkey with the Market Line Report for March 5, 2015.
Stronger dollar and positive weather news from Russia pressured the wheat markets on Wednesday. From the floor of the CME Group, Todd Horwitz shares his observations of Wednesday’s markets.
Horwitz: “Wednesday’s grains we saw markets under some pressure here. I guess coming up into tomorrow’s report. Wheat has once again become the weak sister and has now broken below that $5 barrier we ere watching. Wednesday’s livestock — wow what a day. You talk about a squeeze. It looked like cattle was chasing cash all day long as they pushed them higher limit across the board. Interestingly enough I think this was a good old fashion short squeeze. I think they caught a lot of people shorting the market trying to push it down.”
Chicago May Wheat ended Wednesday down a dime at 4-96. May corn ended the day down 1 and 1/2 cents at 3-89 and 1/2.
Portland prices for soft white wheat of ordinary protein were down 19 to 21 cents at mostly 6-30 and 1/2. White club wheat of ordinary protein prices were down 21 and 1/2 to 23 and 3/4 cents at mostly 8-69 and 1/4. Hard Red Winter wheat with 11.5 percent protein prices were down 8 cents at mostly 6-36 and 1/4. DNS wheat with 14 percent protein prices were down a nickel at mostly 8-68 and 3/4.
April live cattle were up $3-even on Wednesday at 154-05. April Feeder cattle were up $4.50 at 204-37 and half. April class III milk was down 13 cents at 15-40.