Good row crop weather negative for wheat; low feedlot placements
Market Line July 27, 2009 Wheat futures saw some double digit losses Friday as good corn growing weather in the Midwest again spilled over to wheat contracts. Louise Gartner for the Linn Group at the Chicago Board of Trade says Brazil could be cutting a record wheat crop. Gartner: “That would certainly take their demand down at least somewhat in the world market, where we would expect we would be a player in that market because Argentina is looking at a very short crop.” Government forecasters in Australia are calling for drier weather in the eastern wheat belt there over the next three months, however current crop conditions are reported as favorable. On Friday Chicago September wheat was down 15 ½ cents at 5-16 ¼. September corn was down 10 ¾ at 3-16 ¼. Portland soft white wheat was five to 15 cents lower at mostly $5. A dollar premium on club wheat. August new crop soft white five to 20 cents lower at 5-05 to 5-15. HRW 11.5 % protein 13-18 cents lower at mostly 5-87. DNS 14% protein eight cents lower at 6-78. No Portland barley bids. USDA reported Friday there were five percent fewer cattle in the nation’s feedlot this July 1st compared to a year ago. Placements last month were down eight percent, the second lowest on record, with marketings up one percent. USDA pegged the total U.S. cattle herd at 101.8 million head, down one percent from last July. Ahead of the report October live cattle closed down 35 cents at 85-75. October feeders down 30 at 102-75. September Class III milk up 15 cents at 12-13. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
