A short term bottom?

Market Line June 15, 2009 Wheat futures were lower Friday with Chicago the weakest market. Louise Gartner for the Linn Group at the Chicago Board of Trade says contracts tested the down side support fairly well and we may be at a short term bottom. Gartner says harvest pressure will be increasing but there could be a delay.

Gartner: “Heavy rains across wheat areas that are ready for harvest and that is going to delay the combines for quite some time. So the wheat complex feeling the pressure from the higher dollar and also the impending harvest as we get into the thick of the wheat producing areas. But again, rains delays could subside that pressure, at least for a while.”

The Canadian Wheat Board pegs Western Canada all-wheat production at 20.8 million metric tons compared to 25.5 last year.

On Friday Chicago July wheat was down a dime at 5-84 ¾. July corn down 15 ½ at 4-25 ½. Portland soft white wheat and club wheat down 15 cents at mostly 5-95 with some club bids to 6-85. August new crop soft white 10-15 lower at 5-85 to $6. HRW 11.5 % protein down eight cents at 6-67. DNS 14% protein one to two cents lower at 8-15. No Portland barley bids.

Cattle traders get a USDA Cattle On Feed report this Friday. Cattle futures closed out trading last Friday mostly higher. Cash fed cattle traded at 82 dollars. Lower corn gave feeders a boost. August live cattle up 15 cents at 81-60. August feeders up 120 at 97-57. July Class III milk down six cents at 10-45.

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

Now this.