Maybe no El Nino

Market Line July 8, 2009 Wheat futures were lower Tuesday with pressure coming from weak row crops and the influence of outside markets like a higher dollar, lower crude oil and lower stocks.

Parts of Argentina’s wheat areas got some moisture and Louise Gartner for the Linn Group at the Chicago Board of Trade says Australia got what could be good weather news.

Gartner: “Talk that the El Nino may not be developing as aggressively as suggested a couple of weeks ago. The SOI indicator not sustaining to the degree that would confirm that we have an El Nino forming. That added pressure to the grain complex as well.”

Egypt was tendering for wheat overnight. A UN agency has purchased 70-thousand metric tons of soft wheat for donation to Afghanistan.

On Tuesday Chicago September wheat was down 6 ¾ at 5-14 ½. September corn down 9 ¼ at 3-25 ½. Portland soft white wheat and club wheat steady at 5-55 with some club bids to 6-75. August new crop soft white steady to three cents lower at 5-55 to 5-65. HRW 11.5 % protein two to seven cents lower at 5-84. DNS 14% protein three to six cents lower at 7-07. No Portland barley bids.

Bearish fundamentals and pressure from outside markets took cattle futures lower Tuesday. Traders say there are also larger numbers of fed cattle for sale this week and concern continues about beef demand. August live cattle down 22 cents at 84-20. August feeders down 115 at 102-65. August Class III milk up 20 cents at 10-71.

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

Now this.