Watching Midwest weather; feedlot inventory down

Market Line March 22, 2010 While traders are watching the weather and flooding in the Midwest and upper Plains expectations are flooding is occurring early enough that there may not be a lot of spring crop planting delays. But that depends on the weather going forward. If rains continue into the week moisture could be excessive in some Midwest soft red winter wheat areas. There a few mentions last week of dry conditions in the Pacific Northwest on national ag websites.

Friday wheat futures were lower on a higher dollar, which was negative for other commodities like crude oil.

On Friday Chicago May wheat was down 5 ½ cents at 4-83 ¾. May corn down 1 ½ cents at 3-74 ½. Portland soft white wheat steady at mostly 4-70 with new crop August soft white unchanged at 4-70 to 4-85. Club wheat premium $3.67. HRW 11.5 % protein one to three cents lower at 5-30. DNS 14% protein down six cents at 6-86. No Portland barley bids.

USDA’s Cattle on Feed Report was out Friday afternoon. Troy Vetterkind of the Linn Group at the Chicago Board of trade has the details.

Vetterkind: “Cattle on Feed Report came out mostly neutral here; 97% on feed; 99% placed and 102% marketed.”

Cattle futures were mixed Friday ahead of the on feed report as profit taking took over following more new highs. April live cattle up 45 cents at 97-97. April feeders up 80 at 108-67. April Class III milk up two cents at 12-45.

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

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