Bears rule wheat market
Market Line June 3, 2010 Wheat futures posted losses again Wednesday with more new contract lows made at Chicago and Kansas City and Minneapolis just a few cents away. Analysts say the bears are in the drivers seat with the current weather and large world wheat supplies. Both winter and spring wheat crop ratings are strong. As for the weather it is going to bet hot in the southern U.S. but USDA meteorologist Brad Rippey says that will be good for the harvest underway there. Rippey: “In Texas for example, by May 30th six percent of the winter wheat was harvested. Those numbers are much higher as you head to the east. Louisiana has already passed the half way mark on the wheat harvest and Georgia is at about 1/5 finished at this point. So for the wheat harvest as combines begin moving northward across the south that will be a favorable weather pattern for the most part.” On Wednesday Chicago July wheat was down 8 ¼ cents at 4-42 ½. July corn down 5 ½ cents at 3-48 ½. Portland soft white wheat steady to a nickel lower at mostly 4-68. New crop August soft white mixed at 4-55 to 4-71. Club wheat premium mostly 75 cents. HRW 11.5 % protein down four cents at mostly 5-04. DNS 14% protein down four at mostly 6-24. No Portland barley bids. Cattle futures posted gains on Wednesday. Cash fed cattle sold firm to a dollar higher than last week. That and the higher stock market helped contracts with lower corn also positive for feeder contracts. August live cattle up 112 at 90-75. August feeders up 17 at 109-65. July Class III milk up 16 cents at 13-46. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
