Harvest in the Southern Plains

Harvest in the Southern Plains

Market Line May 20, 2009 Wheat futures sold off to close slightly lower Tuesday. There were ideas Monday’s rally was overdone. Good spring wheat planting weather for the Northern Plains was also cited. Meanwhile, in the Southern Plains, Lynn Smith of the Zaner Group at the Chicago Board of Trade says winter wheat harvest is underway. Smith: “Farmers are starting to cut wheat in the south central Texas area and as of Sunday one percentage point ahead of normal had been cut at 3%, according to USDA. Crop was hurt by the drought and freeze and a lot of the farmers are just baling the freeze damaged wheat for hay. So we are going to have some pretty poor yields coming out of that area for sure.” On Tuesday Chicago July wheat was down 1 ¾ cents at 5-88 ¾. July corn up 4 ¼ at 4-25 ¾. Portland soft white and wheat club wheat were steady to a nickel higher at mostly 5-80 despite the lower futures as there was good to moderate export demand to meet vessel commitments. August new crop soft white up a nickel at 5-75 to 5-85. HRW 11.5 % protein down a penny at 6-73. DNS 14% protein five to seven cents lower at 8-24. No Portland barley bids. Cattle futures were lower Tuesday. Technical factors were in play and traders were uneasy about the cash fed market this week given wholesale beef action ahead of the holiday weekend. June live cattle down 85 cents at 81-67. August feeders down 45 at 101-37. June Class III milk down a penny at 10-31. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.

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