Wheat futures higher heading into USDA reports

Market Line July 10, 2009 Wheat futures posted modest gains Thursday. Weekly wheat export inspections were better than expected and there may be some rain caused harvest delays in the Plains. This morning traders will react to new USDA production and supply and demand estimates. Spring wheat numbers will draw particular interest.

Louise Gartner with the Linn Group at the Chicago Board of Trade has some more information on the on again, off again outlook for El Nino.

Gartner: “Looks like El Nino is developing according to the NOAA. There has been some question about that from some of the studies out of Australia, but it looks like here in the United States we are projecting that we will at least see a weak El Nino developing that could create some problems down the road.”

On Thursday Chicago September wheat was up a nickel at 5-22 ¼.

September corn up 4 ¼ at 3-29 ½. Portland soft white wheat steady to a nickel lower at mostly 5-53. Club wheat mostly 6-33. August new crop soft white two to three cents lower at 5-53 to 5-58. HRW 11.5 % protein up a nickel at 5-52. DNS 14% protein three to 11 cents higher at 7-10. No Portland barley bids.

Strong buying in outside commodity markets and lean hog contracts helped cattle futures close higher Thursday. Some fed cattle sales were reported steady to weak. Both live and feeder contracts saw short covering. August live cattle up 12 cents at 83-47. August feeders up 130 at 102-95.

August Class III milk down 21 cents at 10-41 on lower cheese prices.

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

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