Wheat futures slip while cattle rally
Market Line July 2, 2009 Wheat futures showed losses again Wednesday. Louise Gartner with the Linn Group at the Chicago Board of Trade says sellers just slam any attempt to rally. Gartner: “Quite a bit of call option selling as well also casting a negative tone across the wheat complex. So this market despite a lower dollar throughout the session and the DOW being higher really could not get any traction, especially for wheat.” And Gartner says traders don’t see any weather problems right now in the U.S. Analysts point out that the bottom line for wheat is that exports have been too slow and the higher production ramifications of the higher acreage reported by USDA this week will continue to pressure prices and limit buying interest. Markets will be closed tomorrow for the July 4th Holiday Weekend. On Wednesday Chicago September wheat was down 5 ¼ cents at 5-35 ½. September corn up two at 3-56 ½. Portland soft white wheat and club wheat steady to six cents lower at mostly 5-60 with some club bids to 6-67. August new crop soft white 5-58 to 5-65. HRW 11.5 % protein down six cents at 6-12. DNS 14% protein steady to up a nickel at 7-29. No Portland barley bids. Cattle futures closed higher Wednesday with some analysts giving feeder contracts the credit for higher closes in the complex. Optimism about cash fed cattle helped live contracts. Feeder contracts have seen strong buying interest for several sessions now. August live cattle up 50 cents at 85-75. August feeders up 95 at 103-77. August Class III milk up three cents at 10-59. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
