Outside markets help wheat

Market Line March 18, 2010 Wheat futures were higher Wednesday. Traders pointed a lower dollar and increases in key commodity and equity markets. Flooding in Minnesota and North Dakota is also being watched but some analysts say it is too early to be concerned about spring wheat planting delays.

Nationwide weekly condition reports on the winter wheat crop don’t begin until next month but USDA Meteorologist Brad Rippey says state reports indicate the central Plains crop is breaking dormancy and in good shape. Not so the soft red crop.

Rippey: “And in particular the Southeast excessive wetness has been a problem. And that comes on the heels of the late planting, the poor establishment of that crop. So the soft red crop in the Southeast looking at very poor to poor numbers now, for North Carolina 38% of the crop rated very poor to poor. In Georgia 1/3 of the crop rated very poor to poor.”

On Wednesday Chicago May wheat was up nine cents at 4-96. May corn up 7 ¼ cents at 3-74. Portland soft white wheat 10 to 15 cents higher at mostly 4-75. New crop August soft white unchanged at 4-75 to 4-85. Club wheat premium $3.67. HRW 11.5 % protein up seven cents at 5-36. DNS 14% protein up six at 6-97. No Portland barley bids.

Cattle futures were higher Wednesday with some more contract highs. Fund buying was a factor with still more strength in boxed beef. Muddy feedlots in the central U.S. are still an issue. April live cattle up 67 cents at 96-15. April feeders up 42 at 106-27. April Class III milk down 19 cents at 12-44.

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

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