Lower wheat and cattle futures

Market Line September 15, 2009 Wheat futures had sharp losses Monday. That was despite a good weekly export inspection number from USDA of 21.5 million bushels. Commentators say large world supplies of wheat just keep weighing on the market. Brian Hoops of Midwest Market Solutions says we need some big exports news.

Hoops: “After the close Egypt tendered for a cargo of optional origin wheat. Wheat might get a little support off of that. We need some support but it is going to be tough unless we get a huge export business to Egypt this morning.”

USDA reported yesterday that the U.S. spring wheat harvest was 69 percent complete to start this week. Five year average for now is 92 percent. Planting of the new winter wheat crop is right on the average pace at 13 percent complete.

On Monday Chicago December wheat was down 13 ¼ cents at 4-54. December corn down 2 at 3-17 ¾. Portland soft white wheat four to six cents lower at mostly 4-50. Club wheat premium $3. HRW 11.5 % protein eight to ten cents lower at 5-02. DNS 14% protein mixed at 5-95. No Portland barley bids.

Cattle futures were lower Monday with a general lack of buying interest noted. Last week’s cash fed prices and sales volume was seen as disappointing. Even lower corn futures could not help feeder contracts.

October live cattle down 17 cents at 87-05. October feeders down 40 at 98-92. October Class III milk up 12 cents at 12-29.

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

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