Wheat futures lower; cattle higher
Market Line June 23, 2009 Wheat futures were lower Monday with Kansas City the weakest market. Wheat saw spillover pressure from the row crops with lower crude and also pressure from a stronger dollar. Weekend rains delayed harvest in the Plains but Louise Gartner for the Linn Group at the Chicago Board of Trade says hot, dry weather is in the forecast and harvest pressure will pick up. Gartner: “But it is interesting to note that as we move north the yields are getting better but the protein is dropping. And that is creating some basis improvement for the higher protein wheat.” USDA reported Monday that most U.S. winter wheat is now headed. Harvest is 20 percent complete, 11 points behind average for now. On Monday Chicago September wheat was down 9 ½ cents at 5-75. September corn down 13 ¾ at 3-93 ½. Portland soft white wheat and club wheat five to ten cents lower at mostly 5-75 with some club bids to 6-80. August new crop soft white steady to down a dime at 5-75 to 5-90. HRW 11.5 % protein down 11 cents at 6-40. DNS 14% protein down six cents at 7-75. No Portland barley bids. Cattle futures closed mostly higher Monday. Contracts got a boost from a friendly cattle on feed report and cash fed sales last week of 82-dollars. Father’s Day beef movement as seen as better than expected. Lower corn was an additional positive for feeder contracts. August live cattle up 72 cents at 82-85. August feeders up 82 at 98-92. August Class III milk up seven cents at 10-62. Total commercial cheese stocks are at a 24-year high. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this. ?
