A partial rebound in wheat futures

Market Line June 5, 2009 Wheat futures posted gains of anywhere from 17 to 28 cents Thursday to gain back about half of the losses from Wednesday’s big sell off. Louise Gartner for the Linn Group at the Chicago Board of Trade says the dollar was about unchanged but what helped the grains was crude oil.

Gartner: “Where we have analysts predicting that crude oil will go much higher and that translates into higher corn and bean prices to some degree and in turn spilling over to support the wheat complex.”

This week’s wheat export sales were below the level needed each week to reach USDA’s new crop projection but they were in line with trade expectations.

Canada’s spring wheat belt has freezing temperatures in the forecast.

On Thursday Chicago July wheat was up 17 ¾ cents at 6-35 ¼. July corn up 16 at 4-48 ½. Portland soft white wheat and club wheat were a nickel higher at mostly 6-25 with some club wheat bids to 7-25. August new crop soft white steady to up a dime at 6-15 to 6-35. HRW 11.5 % protein up 18 cents at 7-20. DNS 14% protein 28-33 cents higher at 8-46. No Portland barley bids.

Cattle futures closed higher Thursday. Short covering was a feature for both live and feeder cattle contracts. Boxed beef was lower but there was a large volume of movement. August live cattle up 22 cents at $81. August feeders up 47 at 96-60. July Class III milk down 13 cents at 10-73.

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

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