Weather rallies wheat

Market Line May 26, 2011 Wheat futures had big gains Wednesday with Minneapolis contracts leading the way on spring wheat planting delays in the northern plains and Canada as factors.

Other weather issues are hot weather for the central and southern plains. The U.S. soft red winter wheat crop is getting heavy rain in areas which could cause deterioration of that crop. The outlook for moisture in dry western Europe has been reduced. Also traders see threatening weather for China and Russia.

There were reports that a decision could be near by Russia on whether it will resume exports.

On Wednesday Chicago July wheat up 16 ¾ cents at 7-96 ½. July corn up nine cents at 7-42 ¼. Portland soft white wheat up a nickel at mostly 8-06.

Club wheat at Portland mostly 8-06. New crop August white wheat steady to a nickel higher at $8 to 8-15. Hard red winter 11.5 percent protein 17 to 22 cents higher at 9-79. DNS 14% protein up 31 cents at 12-73.

Cattle futures were sharply higher Wednesday. Thoughts the market was oversold and firmer boxed beef prices were positives. Traders also see the cash fed market near a bottom. Cash prices improved from earlier in the week but prices were down from last week. June live cattle up 217 at 104-55. August feeders up 175 at 124-52. June Class III milk up 36 cents at 18-32.

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

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