Canada sees good quality wheat crop
Market Line October 21, 2009 Wheat futures had fractional to six cent losses in a choppy session Tuesday. A stronger dollar was called a major factor with some pressure from lower stocks as well. Rain is still on tap for the cornbelt and more moisture will be unwelcome in the soft red winter wheat areas where planting progress is already behind normal. Louise Gartner with the Linn Group at the Chicago Board of Trade says Canada reports its spring wheat harvest nearing completion with an average crop of high quality. Gartner: “So that could come down here. We could see some blending going on. That certainly could take some of the edge of the premiums, these high quality premiums we have seen here in the United States.” Iraq is tendering for 100-thousand metric tons of optional origin wheat this week. On Tuesday Chicago December wheat was down a quarter cent at 5-17 ½. December corn down 1 ¾ at 3-84 ½. Portland soft white wheat two to eight cents higher at mostly 4-76. Club wheat premium $3.25. HRW 11.5 % protein four to seven cents lower at 5-62. DNS 14% protein down seven cents at 6-69. No Portland barley bids. Cattle futures were lower Tuesday. There was some profit taking, spreading activity and pressure from a lower stock market. December live cattle down 30 cents at 86-15. November feeders down 32 at 95-20. November Class III milk up 36 cents at 13-88 on a rally in butter and higher cheese. USDA reported after the markets closed that milk production in the 3rd quarter was down three-tenths of a percent from last year during the same period. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
