Live Cattle and Corn Sharply Lower

I'm KayDee Gilkey with the Market Line Report for Friday, June 23rd. From the floor of the CME Group here is Joe Vaclavik

Vaclavik: "The corn market is sharply lower again on Thursday. We gave back just about all the recent gains in fact here all the new and old crop futures traded into multi-week lows. The live cattle market was sharply lower here on Thursday. As a matter of fact, our nearby futures contracts traded their lowest levels since April. So we are into some multi-month lows here. We're seeing some fund liquidation certainly. The funds have had a pretty significant long position — so you are seeing a little bit of that. Maybe the bigger thing here is that the cash cattle market has fallen out of bed. We've seen a $15 to $20 decline in the last several weeks."

Chicago July Wheat prices closed Thursday down 3 and 1/4 cents at 4-61 and 1/4. July corn ended the day down 6 cents at 3-62 and 3/4.

Portland prices for soft white wheat of ordinary protein ended the day mixed down 3 and 1/4 to up 1 and 1/4 cents ranging from 4-86 and 1/4 to 5-06 and 1/4. Hard Red Winter wheat with 11.5% protein prices were unchanged ranging from 5-42 and 3/4 to 5-62 and 3/4. June DNS wheat with 14% protein prices were up 7 and 1/2 cents ranging from 7-56 and 1/4 to 7-71 and 1/4.

August live cattle were down 87 and half cents on Thursday at 118-62 and half. August feeder cattle were down $1.20 at 143-45. August class III milk was up a nickel at 16-74.