Long holiday weekend for markets
Market Line July 3, 2009 Futures exchanges and government price reporting offices are closed today for the 4th of July holiday. Heading into the long weekend wheat futures closed lower Thursday in part on outside market pressure that saw a higher dollar, lower crude oil and lower stocks. Wheat export sales were just under expectations. Improved weather is forecast for Canada’s wheat crop. Conditions in the U.S. northern spring wheat belt are favorable too. Terry Linn of the Linn Group at the Chicago Board of Trade looks ahead. Linn: “As we continue into July weather will remain a key focus on the trade as the corn and bean crops are made. Meanwhile, wheat harvest continues to roll and although there are some quality issues domestic supplies remain comfortable. Next week in addition to crop progress and export inspections on Monday, we will see crop production and s&d updates on Friday.” On Thursday Chicago September wheat was down 6 ½ cents at 5-29. September corn down 10 ¾ at 3-45 ¾. Portland soft white wheat and club wheat four to five cents higher at mostly 5-60 with some club bids to 6-60. August new crop soft white 5-65. HRW 11.5 % protein steady to down a dime at 6-04. DNS 14% protein mixed at 7-23. No Portland barley bids. Live cattle futures were lower Thursday with feeders mixed. Cattle were influenced by outside markets. Lower corn offered some support. Not many cash fed cattle had sold. Some were reported at 83 dollars, up a dollar from last week. August live cattle down 87 cents at 84-87. August feeders down 32 at 103-45. August Class III milk down seven cents at 10-52. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this. ?
