Wheat leads grains down

Market Line June 9, 2009 Wheat futures saw more double digit losses Monday. Profit taking and a firmer dollar were cited as factors. Louise Gartner for the Linn group at the Chicago Board of Trade says the dollar did pull back after the grains closed.

Gartner: “The dollar looks like it might have run out of gas, at least in the short term might take another pullback and test the lows we put in last week. That certainly would be supportive to the grain complex. In wheat some other negative news we have the harvest going on. That typically is going to provide some pressure and as we move north we would expect to see better yields and cash pressure. Better quality as well.”

Iraq has purchased Canadian and Australian wheat.

On Monday Chicago July wheat was down 25 cents at 5-98. July corn down nine at 4-35. Portland soft white wheat and club wheat trended 15 cents lower at mostly 6-15 with some club bids to $7. August new crop soft white ten to fifteen cents lower at 6-05 to 6-15. HRW 11.5 % protein down 22 cents at 6-83. DNS 14% protein 26-36 cents lower at 8-03. No Portland barley bids.

Cattle futures were lower Monday with bear spreading a feature for both live and feeder contracts. It appears larger numbers of fed cattle are available to packers this week. Boxed beef was mixed. August live cattle down 52 cents at 80-62. August feeders down 77 at 95-85. July Class III milk down a nickel at 10-60.

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

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