Positive U.S. wheat numbers; negative world figures
Market Line May 13, 2009 Wheat futures were up and down Tuesday but managed to close higher following USDA reports. A U.S. winter wheat production estimate for 2009 down 20 percent from last year with total wheat production down 19 percent was bullish for wheat Tuesday. Louise Gartner for the Linn Group at the Chicago Board of Trade says world wheat numbers were negative.
Gartner: “First of all USDA raised ending stocks for the 08/09 crop year by nine million tons, taking them up to 167 million tons. And then they added another 14 million tons to the 09/2010 carryout taking it up to 182 million tons. So clearly even though the United States is not really participating in this surge in wheat supplies, we are definitely seeing it from other countries.”
On Tuesday Chicago July wheat was up two cents at 5-92 ¾. July corn up 6 ¼ at 4-27 ½. Portland soft white wheat any protein three to five cents higher at mostly 5-65. August new crop five to eight cents higher at 5-63 to 5-70. Club wheat mostly 5-65. HRW 11.5 % protein up four cents at 6-68. DNS 14% protein up seven cents at 8-15.
Live cattle futures were mixed Tuesday with deferred months positive on higher corn futures. Feeder contracts saw profit taking but were slightly higher. June live cattle down seven cents at 83-20. August feeders down 15 at 101-45. June Class III milk down a dime at 10-55 but deferred months were higher. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
