Mixed wheat and cattle futures

Market Line August 30, 2011 Wheat futures closed mixed Monday. There was some early support from a higher stock market and lower dollar. Weekly export inspections for wheat were better than anticipated at 23.4 million bushels, but there was also news that Yemen purchased 100-thousand metric tons of Black Sea origin wheat. Good weather is also reported in Argentina and Australia for wheat.

USDA meteorologist Brad Rippey says the U.S. corn crop condition dropped this past week.

Rippey: “With the crop now rated just 54% good to excellent, 19% very poor to poor. Last week those numbers were 57% and 17% respectively.”

A year ago the crop was in 70 percent good to excellent condition.

On Monday Chicago December wheat down two cents at 7-95. December corn up three cents at 7-70. Portland soft white wheat and club wheat for first half September steady to a nickel lower at $7 to 7-15. Hard red winter 11.5 percent protein seven to 13 cents higher at mostly 9-19. No Portland DNS bids. Minneapolis December wheat futures were up 2 ¼ cents at 9-39.

Cattle futures were mixed Monday. Analysts say traders are worried about over supplies of beef after the upcoming holiday weekend. It may also take time for beef demand to rebuild on the east coast following the hurricane there. October live cattle down 60 cents at 114-60. October feeders down 57 at 132-07. October Class III milk up nine cents at 18-48.

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

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