Wheat and cattle futures lower in quiet trading

Market Line August 5, 2009 Wheat futures did not see any follow through buying Tuesday from Monday’s strong up day and contracts closed lower. Outside markets did not provide any help and Louise Gartner for the Linn Group at the Chicago Board of Trade says the funds weren’t buying yesterday.

Gartner: “The funds appear to have finished their buying for the month. They wrapped up July with some strong buying, then starting out August with strong buying and then nothing only the second day into August. We did see wheat stall out at some resistance levels.”

Monsoon rains in India have not been hitting all of that countries wheat producing areas causing some stress on wheat in north central and northwest growing regions.

On Tuesday Chicago September wheat was down seven cents at 5-42 ¼.

September corn down 3 ½ at 3-54 ½. Portland soft white wheat steady to a dime higher at mostly $5. Club wheat 6-75. HRW 11.5 % protein down six cents at 6-13. DNS 14% protein down four cents at $7. No Portland barley bids.

Cattle futures were lower Tuesday. Futures are at premiums to last week’s cash fed market. Front month feeder contracts are also at premiums to the CME’s cattle feeder index. Outside markets did not provide any direction for cattle. October live cattle down 60 cents at 89-72. October feeders down 107 at 100-92. September Class III milk down 50 cents at 12-11.

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

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