Wheat futures higher on outside help

Market Line August 25, 2009 Wheat futures posted good gains Monday though there wasn’t really any news regarding wheat. Wheat was said to benefit from spillover support from corn and soybeans. Weekly export inspections came in within trade expectations but still under the volume needed on a weekly basis to meet USDA projections.

USDA reported 97 percent of the U.S. winter wheat crop has been harvested with spring wheat harvest at only 22 percent complete. Normally 66 percent of the spring wheat would be cut by now.

One thing traders are watching is increasing dryness in Australia’s eastern wheat growing areas.

On Monday Chicago December wheat was up 12 cents at 4-99 ¼.

December corn up 9 ¼ at 3-35 ½. Portland soft white wheat mostly 4-80.

Club wheat 6-55. HRW 11.5 % protein up nine cents at 5-44. DNS 14% protein four to six cents higher at 6-15. No Portland barley bids.

Live cattle futures were higher Monday with feeders lower. Troy Vetterkind with the Linn Group at the Chicago Board of Trade has the commentary.

Vetterkind: “Cattle settled with moderate gains even after the bearish Cattle on Feed report.  I think the market is focusing on near term fundamentals, higher boxed beef prices and higher to steady to higher cash cattle again this week.”

October live cattle up 20 cents at 88-80. October feeders down 17 at 100-45. October Class III milk up a penny at 13-46.

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

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