Outside pressure on wheat and cattle futures
Market Line September 1, 2009 Wheat futures, which were down double digits and put in some new lows, managed to bounce back and close higher in Chicago and Kansas City Monday. Minneapolis contracts were lower. Lower stocks, crude oil and spillover from soybeans provided early pressure on wheat. Louise Gartner for the Linn Group at the Chicago Board of Trade says wheat continues to appear to be trying to put in a bottom. Gartner: “And very well aware of the huge world stocks upon up, but also looking for some stabilization here as we head into another growing season in the southern hemisphere.” USDA reports that 38 percent of the U.S. spring wheat was harvested at the start of this week. The five year average for now is 79 percent. August 31st marked the end of the period for determining the Harvest Price for Crop Revenue Coverage in the PNW with the unofficial average at about $4.89 a bushel. On Monday Chicago December wheat was up 3 ½ cents at 4-98 ¾. December corn up ¾ at 3-29 ¾. Portland soft white wheat five to ten cents lower at mostly 4-80. Club wheat mostly 7-30. HRW 11.5 % protein one to five cents lower at 5-46. DNS 14% protein two to eleven cents lower at 6-11. No Portland barley bids. Cattle futures were lower Monday. Outside markets provided some pressure and there was some contract rolling. October live cattle down two cents at 86-67. October feeders down 62 at 97-42. October Class III milk down 16 cents at 12-46. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
