Wheat futures near unchanged

Market Line June 18, 2009 Wheat futures closed narrowly mixed Wednesday in a choppy trade analysts said lacked direction. Louise Gartner for the Linn Group at the Chicago Board of Trade says it looks like the momentum to the downside is waning.

Gartner: “Trying to find some support down here particular in the wheat market that wants to stabilize down here. We are looking at the harvest approaching and good harvest weather just around the corner should expect to see some cash pressure and quite a bit of movement into the pipeline. That is keeping a lid on wheat.”

The Buenos Aires Grains Exchange says their figure on Argentine planted wheat acres is at 2.96 million hectares, which is reportedly the lowest on record.

Harvest is underway in the southern soft red winter wheat belt and reports suggest quality is lower than expected with some vomitoxin problems.

On Wednesday Chicago July wheat was up a ¼ cent at 5-66. July corn up 3 ¾ at 4-07 ¾. Portland soft white wheat and club wheat steady to three cents higher at 5-80 with some club bids to 6-80. August new crop soft white steady to a dime higher at 5-85 to 5-90. HRW 11.5 % protein steady to a nickel higher at 6-57. DNS 14% protein mixed at 7-94. No Portland barley bids.

Cattle futures closed higher Wednesday. Short covering and buy stops were features. There is some thought now of at least steady cash fed cattle this week. Tomorrow is a Cattle on Feed report. August live cattle up a $1 at 81-37. August feeders up 77 at 97-32. July Class III milk down 10 cents at 10-16.

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

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