Wheat Down After USDA Report Release

There seems to be good news concerning the labor dispute at the United Grain Corporation. It has reached a tentative labor agreement and grain inspectors will resume inspections immediately. From the floor of the CME Group Joe Vacalvik shares his observations of Tuesday’s markets.
Vaclavik: “We had a USDA report on Tuesday. The wheat market kinda of a neutral report nothing too surprising but we did see a little bit of a sell off there. The wheat market looks very poor from a technical standpoint and there really isn’t much fundamental there to rally this thing right now with the exception a bounce in corn market. Livestock markets here in Chicago were sharply lower on Tuesday we had a limit down trade in some cattle contracts and feeder cattle contracts. We have a market here that may have gone too high and is now overcompensating to the downside.
Chicago September Wheat ended Tuesday down 8 and 1/2 cents at 5-38. September corn ended the day up 1 and 3/4 cents at 3-58 and 1/2.
Portland prices for soft white wheat were down 8 and 1/2 to 10 cents at mostly 6-69 and 3/4. White club wheat prices were down 8 and 1/2 cents at mostly 7-52 and 3/4. Hard Red Winter wheat with 11.5 percent protein prices were down 10 and 1/2 cents at mostly 7-04 and 1/4. DNS wheat with 14 percent protein prices were down 12 and 1/4 to 22 and 1/4 cents at mostly 7-78.
October live cattle were down $2.77 and a half on Tuesday at 147-67 and half. September Feeder cattle were down $2.77 and half at 214-65. September class III milk was up 26 cents at 22-06.