Weak dollar helps wheat

Market Line June 24, 2009 Wheat futures were higher Tuesday with the best gains in Minneapolis. A lower dollar was supportive though some traders were disappointed wheat didn’t do better.

Stats Canada reported its all wheat acreage down less than one percent from a year ago but analysts point out the survey was taken before the Canadian crop encountered weather problems.

Louise Gartner for the Linn Group at the Chicago Board of Trade has some news about Egypt and Russia.

Gartner: “Reports coming out that despite the rift between Egypt and Russia over wheat quality in the exports of Russian wheat to Egypt, they are settling on a long term agreement of Russian wheat going to Egypt. It looks like there will be much more stringent quality controls put in place in Egypt, but nevertheless it looks like Russia is going to gain a bigger market share in Egypt.”

On Tuesday Chicago September wheat was up ¾ of a cent at 5-75 ¾.

September corn up 3 ¾ at 3-97 ¼. Portland soft white wheat and club wheat steady to a nickel lower at mostly 5-75 with some club bids to 6-75. August new crop soft white unchanged to down 12 cents at 5-75 to 5-78. HRW 11.5 % protein up a penny at 6-42. DNS 14% protein mixed at mostly 7-78. No Portland barley bids.\

Cattle futures saw more gains Tuesday as technical buying was a feature and outside markets offered support. Cash feeder markets this week were up to three dollars higher. August live cattle up 47 cents at 83-42. August feeders up 77 at 99-70. August Class III milk up 11 cents at 10-73.

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

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