Wheat In The Red

This is Matt Rice with the Market Line Report for June 24th. A lot of pressure in the grain commodities, wheat holding off the May lows but still searching for that big rally. Let's go to Oliver Sloup from the floor of the CME in Chicago, with the USDA grain commentary.

Sloup "Happy Thursday to you from the floor of the CME here in Chicago, I'm Oliver Sloup with II Trader and your grain market update, and it continues to be kind of another blood bath in the corn market as we've seen over the last couple of sessions. A lot of pressure coming in, as the funds liquidate. A lot of positions, we know they had near record long positions coming into the week. They are definitely liquidating, that seems to be the case as weather concerns evaporate."

Chicago July Wheat prices closed yesterday dn 4 ½, at 454 ¾. July corn ended the day down 5 ¾, at 387 ½. Portland prices for soft white wheat of 10 ½ % protein for July dn 4 ½ to unch, ranging from 4-99 ¼ to 5-25. Hard Red Winter wheat with 11 ½ % protein, prices for June were dn 5 ¼, at mostly 5-07 ¾. DNS wheat with 14 % protein, prices for June were dn 3 ¾, ranging from 6-11 ½ to 6-31 ½. June Live Cattle closed the day up $1.40, at 116.57 ½. Aug Feeder cattle were up $2.20, at 142.37 ½. June class III milk was up 2 cents at 13-24.