Wheat futures rally on spring wheat concerns

Market Line May 28, 2009 Wheat futures saw double digit gains Wednesday with Minneapolis spring wheat contracts again the leader as the funds were on a buying spree. Not only is planting progress behind in the spring wheat belt but so is emergence. And Louise Gartner for the Linn Group at the Chicago Board of Trade says there are problems on both sides of the border.

Gartner: “Also getting more talk out of Canada, the issues they have going. Some areas too wet for planting and other areas too dry for crop development. That is also spurring interest in the wheat complex.”

A drop in weekly winter wheat ratings in the Plains was seen as helping Kansas City contracts. Although drought reduced the Texas winter wheat crop harvest reports indicate high protein.

On Wednesday Chicago July wheat was up 13 ¾ cents at 6-25 ¾. July corn down 1 ½ at 4-26. Portland soft white wheat and club wheat were 10 to 13 cents higher at mostly 6-05 with some club bids to 7-05. August new crop 8-10 cents higher at $6 to 6-10. HRW 11.5 % protein 16 to 18 cents higher at 7-05. DNS 14% protein five to 20 cents higher at mostly 8-70. No Portland barley bids.

Cattle futures were lower Wednesday as traders awaited developments in the cash fed trade. The lower stock market was bearish. Retail beef clearance over the holiday weekend was called disappointing at just okay. Feeder contracts saw profit taking. August live cattle down 72 cents at 83-10. August feeders down 12 at 102-45. July Class III milk up 22 cents at 11-31.

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