Wheat futures fall; cattle mixed

Wheat futures fall; cattle mixed

Market Line May 25, 2011 Wheat futures saw double digit losses Tuesday with Chicago contracts suffering the most decline. Analysts said ideas that Russia and India may have large crops to offset losses in other regions helped to pressure the market despite a weaker dollar. Some traders believe some rain in part of the U.S. plains will still help winter wheat there.

Meteorologist Allen Motew of QT Weather for the Linn Group says northern farmers still trying to plant will see more rain.

Motew: “Where will it be the heaviest? Well, western North Dakota, the southern Canadian Prairie into Montana.”

On Tuesday Chicago July wheat down 23 ¼ cents at 7-79 ¾. July corn down 20 ¾ cents at 7-33 ¼. Portland soft white wheat down a nickel at mostly 8-05. Club wheat at Portland also 8-05. New crop August white wheat steady to a nickel lower at 7-95 to 8-15. Hard red winter 11.5 percent protein down 19 cents at 9-57. DNS 14% protein down 12 cents at 12-42.

Cattle futures were mixed Tuesday. Monday’s steep losses were seen as overdone and there was short covering. Deferred live cattle continued to feel the impact of the Cattle on Feed Report. Nearby contracts got some support from boxed beef prices. Some cash fed cattle have traded at 104. Most moved last week at 108. June live cattle up 22 cents at 102-37. August feeders up two cents at 122-77. June Class III milk up 12 cents at 17-96.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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