Wheat futures close up but off the day's highs

Market Line July 16, 2009 For a time Wednesday wheat futures moved above the high’s of Monday’s big rally but contracts couldn’t hold all the gains. A sharply lower dollar helped wheat, but Louise Gartner for the Linn Group at the Chicago Board of Trade says row crops provided some pressure.

Gartner: “Excellent growing weather in the Midwest with pollination just around the corner. Looks like we are not going to have any issues with pollination and that is certainly casting a negative pall across the row crop complexes and some of that negativity spilling over to the wheat complex as well.”

Rain is forecast for dry Argentina next week but it is not expected to have an impact on the reduction in wheat plantings there as seeding is about wrapped up.

On Wednesday Chicago September wheat was up 5 ¾ cents at 5-34 ¾. September corn down nine at 3-29 ½. Portland soft white wheat steady to a nickel higher at mostly 5-42. Club wheat mostly 6-22. August new crop soft white three cents higher at 5-43 to 5-55. HRW 11.5 % protein up three cents at 6-03. DNS 14% protein two to five cents higher at 7-19. No Portland barley bids.

Cattle futures were mostly lower Wednesday. Analysts say that throws up some red flags given the higher stock market, lower dollar, and for feeder contracts lower corn and a higher cash market this week. August live cattle down 12 cents at 84-92. August feeders down seven at 103-05. August Class III milk down two cents at 10-27.

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

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