Wheat and cattle futures mixed

Market Line July 21, 2009 Winter wheat futures were higher Monday but spring wheat contracts at Minneapolis closed lower. Weather continues to be great for the northern plains spring wheat crop and growers there are cleaning out the bins and marketing old crop as they prepare for this year’s harvest.

Louise Gartner for the Linn Group at the Chicago Board of Trade says the winter wheat harvest in the plains continues moving northward.

Gartner: “We are seeing better yields. We are seeing quality as well as protein is starting to improve as we move north. Test weights have dropped a bit in areas that saw some rain delays but nevertheless we are seeing the quality step up a bit here.”

Wheat export inspections were double last week’s and above trade expectations at nearly 19 million bushels. USDA reports winter wheat harvest progress in the northwest at 22 percent complete in Oregon, eight percent in Washington and two percent in Idaho.

On Monday Chicago September wheat was up a half cent at 5-42 ¼. September corn up a penny at 3-23 ¼. Portland soft white wheat steady to a nickel higher at mostly 5-40. Club wheat mostly 6-30. August new crop soft white mixed at 5-38 to 5-55. HRW 11.5 % protein up four cents at 6-12.

DNS 14% protein six to eight cents lower at 7-08. No Portland barley bids.

Cattle futures were mixed Monday with profit taking cited. Boxed beef movement has been improving and beef prices showed good gains Monday. August live cattle up 42 cents at 86-80. August feeders down 12 at 104-47. August Class III milk up 43 cents at 10-95.

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

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