Market Line May 19, 2009 Wheat futures saw double digit gains Monday. Traders said the strength was from fund buyers and a lack of sellers.
Louise Gartner with the Linn Group at the Chicago Board of Trade says Egypt continues to have problems with Russian wheat imports.
Gartner: "Last week quarantined and was testing one of the Russian vessels saying there were some quality issues. Apparently having something to do with bugs. They quarantined another shipment yesterday. One of the importers out of Egypt said they had halted any more cargoes from entering Egyptian ports."
After the close USDA reported 50 percent of the U.S. spring crop had been planted to start the week but better weather is expected to allow for some quick planting in the Northern Plains.
On Monday Chicago July wheat was up 13 cents at 5-90 ½. July corn up 4 ¼ at 4-21 ½. Portland soft white wheat and club wheat any protein were five to ten cents higher at mostly 5-75. August new crop soft white higher at 5-70 to 5-80. HRW 11.5 % protein up 13 cents at 6-74. DNS 14% protein up 14 cents at 8-29. No Portland barley bids.
Cattle futures were higher Monday helped by positive outside markets and a cash market last week that was at a discount to live contracts. Short covering was also a feature. There is a Cattle on Feed report Friday with a 3-day holiday weekend coming up. June live cattle up 15 cents at 82-52. August feeders up 17 at 101-82. June Class III milk unchanged at 10-32.
I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network.