Spring wheat planting pace tops trader expectations

Market Line May 27, 2009 Wheat futures at Minneapolis and Kansas City closed higher Tuesday with Chicago contracts mixed. Rains over wheat areas in Argentina and Australia were bearish, but as Louise Gartner for the Linn Group at the Chicago Board of Trade explains, Minneapolis continues to lead the wheat complex on spring wheat planting delays.

Gartner: “After the close USDA did show that 79% of the spring wheat is planted compared to 95% average and there appears to be more talk that North Dakota in particular and into Minnesota, we are going to see a shift out of spring wheat into other oilseeds. We will see if that happens but the plantings are just getting too far behind.”

USDA’s figure of 79 percent spring wheat planting completed was slightly above the trade expectation of 70-75 percent.

Canada has sold 150-thousand metric tons of wheat to Iraq.

On Tuesday Chicago July wheat was down a half cent at 6-12. July corn down 2 ¾ at 4-27 ½. Portland soft white wheat and club wheat two to five cents higher at mostly 5-95. August new crop five to seven cents higher at 5-92 to $6. HRW 11.5 % protein up a penny at 6-87. DNS 14% protein up a dime at mostly 8-45. No Portland barley bids.

Live cattle futures were mixed with feeder contracts higher Tuesday. Live cattle were supported by the strong stock market. Feeder contracts got support from the cash market and lower corn. August live cattle up a nickel at 83-82. August feeders up 65 at 102-57. July Class III milk up seven cents at 11-09.

I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.