Club wheat price plummets

Market Line April 22, 2009 Club wheat prices at Portland tumbled as much as $1.44 a bushel Tuesday as one exporter removed its premium on club wheat. Japan, the largest buyer of club through its purchases of western white wheat, has met its April and May needs and is now tendering for June, which is getting close to new crop. Club wheat any protein was mostly 6-71 yesterday with maximum 10.5 protein mostly 6-76. Portland soft white wheat any protein was a penny to a nickel higher at mostly 5-41 with maximum 10.5 percent at 5-46. HRW 11.5 % protein up four cents at 6-02. DNS 14% protein up nine cents at 7-61. Wheat futures were higher Tuesday as a lower dollar and higher soybeans helped corn and wheat. However, Louse Gartner for the Linn Group at the Chicago Board of Trade says wheat is spending too much time at support levels. Gartner: “Therefore you have to take a look at this as no better than a trading range market and with the crop condition ratings being as good as they are around the rest of the northern hemisphere certainly lays the groundwork for continuing this bear market.” On Tuesday Chicago May wheat was up 5 cents at 5-09 1/2. May corn up 4 ¼ at 3-74. Cattle futures closed higher Tuesday. There were thoughts that Monday’s steep losses were overdone. Short covering and a higher stock market helped. A higher cash market also helped feeder contracts. Boxed beef prices advanced over a dollar a hundredweight. June live cattle up 62 cents at 82-25. May feeders up 142 at 99-75. May Class III milk up 15 cents at 10-43. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.