Canadian wheat crop bigger than last year
Market Line August 25, 2011 Stats Canada reported Wednesday that prairie wheat production is expected to total 21.5 million metric tons this year, up a half million from 2010. The report was called by analysts to be neutral to slightly bearish. U.S. wheat futures closed lower with the sharpest losses at Minneapolis. Profit taking was called the main feature across the grains. USDA reported the sale of about 133-thousand metric tons of U.S. hard red winter wheat to unknown destinations. A tour of the U.S. corn belt is going on this week and Dan Cekander with Newedge at the CME sums up what the findings from that are likely to mean. Cekander: “A lot of ideas that the U.S. corn production number is going to come down in the next USDA production report which will be released on September 12th.” On Wednesday Chicago September wheat down eight cents at 7-49 ¼. September corn up 1 ½ cents at 7-31 ¾. No August Portland soft white wheat and club wheat bids. First half September up five to ten cents at 7-05 to 7-20. Hard red winter 11.5 percent protein down six cents at 8-75. No Portland DNS bids. Minneapolis September wheat futures down 24 ¼ cents at 9-26. Cattle futures were down Wednesday as some technical support levels were broken. Some cash fed cattle sales were reported at 113. Concerns are being expressed about beef demand later this fall. October live cattle down 112 at 113-92. October feeders down 232 at 132-02. September Class III milk down 19 cents at 17-78. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
