Wheat futures trying to put in a low

Market Line June 26, 2009 Wheat futures were lower Thursday with the largest losses at Minneapolis on favorable spring wheat weather. Harvest is keeping the pressure on winter wheat contracts but Louise Gartner with the Linn Group at the Chicago Board of Trade says wheat may be trying to carve out a seasonal low, especially once half the Kansas crop is harvested.

Gartner: “And should be looking at a market that is just about done to the downside. Not that there is a lot of bullishness in this market that would propel it higher but at least to carve out a low and at least come up for in the short term?”

Weekly export sales came in at the upper end of expectations.

Egypt purchased 68-thousand metric tons of wheat from France, none from Russia, and of course none from the U.S.

On Thursday Chicago September wheat was down 6 ¼ cents at 5-61 ½.

September corn down a nickel at 3-90. Portland soft white wheat and club wheat four to eight cents lower at mostly 5-70 with some club bids to 6-70.

August new crop soft white four to ten cents lower at 5-60 to 5-71. HRW 11.5 % protein mostly 6-33. DNS 14% protein mostly 7-58. No Portland barley bids.

Live cattle futures were mixed with feeders mostly higher Thursday in a light trade. Analysts said traders are happy with the market where it is at as they await more fed cash market news. August live cattle up seven cents at 82-55. August feeders unchanged at 98-95. August Class III milk up 23 cents at 10-98.

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

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