Outside markets negative for grain and cattle futures again

Market Line September 2, 2009 Wheat futures saw double digit losses Tuesday with Minneapolis contracts suffering the most with spring wheat harvest in full gear in the northern plains. A higher dollar, lower equities and crude oil were cited as factors.

The spring wheat harvest is of course running well behind the usual pace nationally and USDA meteorologist Brad Rippey says so is development of corn and soybeans.

Rippey: “We have a long way to go in some areas particularly across North Dakota, South Dakota and in the central part of the corn belt. Those areas are running really late and even other areas of the corn belt that were not planted late are running behind as well. We need more time. We have gotten through one scare with frost. It looks like we have a favorable period ahead for a few days.”

There are continued stories about dryness in eastern Australia but overall the wheat crop there is said to be doing okay.

On Tuesday Chicago December wheat was down 11 ½ cents at 4-87 ¼.

December corn down 10 ½ at 3-19 ¼. Portland soft white wheat down a nickel at mostly 4-80. Club wheat 7-30. HRW 11.5 % protein down 11 cents at 5-35. DNS 14% protein 11-16 cents lower at $6. No Portland barley bids.

Cattle futures were lower Tuesday. Lower equities pressured cattle contracts despite early session optimism. Steady to lower cash feeder prices were also negative. October live cattle down 40 cents at 86-42. October feeders down 62 at 96-80. October Class III milk down 14 cents at 12-32.

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

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