Outside markets help wheat; deal on hormone free beef

Market Line May 7, 2009 Wheat futures gained a few more cents Wednesday getting some spillover support from soybeans and strong outside markets. The Kansas Wheat Tour continues to find good yield prospects but today participants will be in areas hardest hit by frost. Louise Gartner for the Linn Group at the Chicago Board of Trade has some updates on wheat from outside the U.S. Gartner: “China estimating wheat production to be 113 million tons. That is equal to last year. That is ratcheting up from earlier estimates. Looking to South America, Argentina trying to get into the fields but of course the drought has extended into the planting season for wheat. They are looking at the lowest planting in a 100 years and if it doesn‘t rain it could even be less than they are currently projecting.” On Wednesday Chicago July wheat was up 5 ½ cents at 5-58 ¾. July corn up 2 ¼ at 4-07 ½. Portland soft white wheat and club wheat all proteins steady to a nickel higher at mostly 5-55. August new crop soft white up a nickel at 5-50 to 5-55. HRW 11.5 % protein up eight cents at 6-37. DNS 14% protein up two cents at 8-03. No Portland barley bids. The U.S. Trade Representative announced a deal with the E.U. that will allow more non-hormone U.S. beef into Europe. Meanwhile, with the exception of nearby live contract, cattle futures closed higher Wednesday. Higher lean hog futures were supportive. June live cattle down 25 cents at 81-87. August feeders up 22 at $99. June Class III milk down a nickel at 10-53. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.