Wheat futures mixed; hogs help cattle

Market Line March 30, 2010 Wheat futures were mixed Monday. There was pressure from what is seen as good wheat weather in the Plains and Midwest. Weekly export inspections for wheat were also bearish at 14.7 million bushels, which was under trade expectations. Traders were also positioning for the reports from the USDA tomorrow, which USDA’s Joe Prusacki says includes a quarterly grain stocks report.

Prusacki: “There are two pieces to it. One is on-farm grain stocks, which is collected from farm operators. And the other piece comes from off-farm establishments, mills elevators, ethanol plants, that sort of thing. How much grain is being stored in those facilities as of March one.”

On Monday Chicago May wheat was unchanged at 4-64 ¾. May corn up ¾ of a cent at 3-57. Portland soft white wheat up a nickel at mostly 4-65. New crop August soft white up a nickel at 4-60 to 4-75. Club wheat premium $3.67. HRW 11.5 % protein steady to two cents lower at mostly 5-15. DNS 14% protein down a penny at 6-87. No Portland barley bids.

Cattle futures posted big gains Monday which traders said was due in part to spillover support from limit up lean hog contracts on a bullish USDA Hogs and Pigs report Friday. There is lots of commentary however that beef prices are topping. Choice beef hit a 19 month high last week. June live cattle up 132 at 92-90. May feeders up 175 at 109-90. May Class III milk down a penny at 13-27.

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

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