Warmer weather seen for wet northern plains
Market Line March 24, 2010 Wheat futures closed lower Tuesday. Traders pointed to a modestly higher dollar and spill over from corn where there was weather related selling. The retreat of flood waters and predictions of warmer weather in the northern Plains next week is also considered a positive development in terms of helping to dry out the soil in advance of the planting season for spring wheat. USDA meteorologist Brad Rippey says some of the central and southern plains will get more moisture this week, perhaps even more snow, but after that. Rippey: “It is going to be pretty quiet for much of the country as we head to the end of the week. We do expect to see an increase in storminess in the northwest, which should help with the drought situation there. On Tuesday Chicago May wheat was down 9 ¾ cents at 4-76 ¾. May corn down eight cents at 3-62 ¾. Portland soft white wheat steady at mostly 4-72. New crop August soft white unchanged at 4-70 to 4-85. Club wheat premium $3.67. HRW 11.5 % protein down nine cents at mostly 5-23. DNS 14% protein down six cents at 6-83. No Portland barley bids. The fundamentals were positive but cattle futures were lower again Tuesday with some triple digit losses. Profit taking was pointed to. Some cash fed trading has already taken place this week at steady to a dollar lower prices. Boxed beef was higher, however. April live cattle down 140 at 95-70. April feeders down 40 at 107-05. April Class III milk unchanged at 12-35. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
