Wheat futures follow corn lower

Market Line August 6, 2009 Wheat futures gave up about 13 cents across the board Wednesday. Traders say wheat was a follower of corn. A private estimate for corn acreage came out that was bearish and pressured corn futures.

Traders get the weekly export sales report this morning. Analysts say the combination of a lower dollar this week and a setback in wheat futures should help stimulate some demand for U.S. wheat in the coming weeks.

Expectations of a big harvest of spring wheat in North Dakota is said to keep a lid on upward price movement for wheat.

Australian weather officials still say conditions show signs of a developing El Nino, which can mean reduced precipitation down under.

On Wednesday Chicago September wheat was down 13 ½ cents at 5-28 ¾.

September corn down 7 ½ at 3-47. Portland soft white wheat steady to up a nickel at mostly $5. Club wheat $7. HRW 11.5 % protein 13-18 cents lower at $6. DNS 14% protein down 13 cents at 6-89. No Portland barley bids.

Cattle futures were slightly higher Wednesday with short covering and buy stops features of the trade. A few fed cattle sold at 81-dollars. Cooperatives Working Together said it had tentatively accepted bids on just under 87-thousand dairy cows in its latest herd retirement round. October live cattle up a dime at 89-82. October feeders up 45 at 101-47. September Class III milk up seven cents at 12-18.

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

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