Wheat still looking for a seasonal low

Market Line September 22, 2009 Wheat futures spent much of Monday on the upside but closed lower on spillover pressure from the row crops and a higher dollar. There was some support early from the export inspections report which was better than expected at just over 23 million bushels.

Louise Gartner for the Linn Group at the Chicago Board of Trade says wheat is still trying to put in a seasonal low.

Gartner: “But we are looking at a very, very big spring wheat crop, low quality and those bushels are going to be looking for a place to go. The protein premiums finally starting to perk up and see some strength. Someone we have not seen so far this harvest season.”

After the close USDA reported the spring wheat harvest at 85 percent complete, winter wheat planting was 24 percent done, just a point behind the five year average.

On Monday Chicago December wheat was down 1 ¼ cents at 4-56. December corn down two cents at 3-16. Portland soft white wheat five to six cents lower at mostly 4-40. Club wheat premium $3. HRW 11.5 % protein mixed at 5-04. DNS 14% protein mixed at 6-33. No Portland barley bids.

Cattle futures were lower Monday as traders focused on lower overall wholesale values and weak demand. Outside markets were negative. Some traders viewed Friday’s placement number in the Cattle on Feed report as bearish, others saw it as bullish. October live cattle down 57 cents at 84-97. October feeders down 30 at 96-72. October Class III milk up 16 cents at 12-71.

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

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