Livestock futures get the flu bug; wheat lower too

Market Line April 28, 2009 You can't get swine flu by eating pork but the news about human cases of a swine flu prompted limit down moves in pork complex futures Monday and cattle futures saw large losses too, on fears of unsold pork supplies pressuring meat prices and the potential for reduced economic activity, which would also be bearish for meat demand. On Monday, June live cattle down 80 cents at 81-80. August feeders down 60 at 99-75. June Class III milk down 18 cents at 11-03. Grain and soybean futures also got early pressure from the swine flu fears but wheat led a recovery higher only to close with double digit losses at Chicago and Kansas City. Minneapolis fared better given spring wheat planting delays, which Louise Gartner for the Linn Group at the Chicago Board of Trade says is about the only bullish factor for wheat right now. Gartner: "Got very good moisture conditions across virtually all the winter wheat regions of the United States anymore, soft red, hard red, and across most of the northern hemisphere. So not much to talk about to build a bull case for the wheat complex other than planting delays in the Northern Plains." On Monday Chicago July wheat was down 23 ¾ cents at 5-19 ½. July corn down a nickel at 3-80 ¾. Portland soft white wheat any protein down a nickel at mostly 5-38. Maximum 10.5 percent protein 5-43. August new crop down a nickel at 5-25 to 5-40. Club wheat 6-38. Maximum 10.5 percent club wheat 6-43. HRW 11.5 % protein down 22 cents at 6-02. DNS 14% protein down nine cents at 7-77. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.