Wheat futures mixed; cattle higher

Market Line April 6, 2010 Wheat futures closed mixed Monday with some late session buying limiting losses. Just the bearish supply of wheat was pointed to by commentators. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says maybe it is time for a bounce.

Hoops: “Just based on the fact that we are oversold and due for a bounce here. Otherwise there really isn‘t any fundamental news to suggest higher prices.”

More rain is forecast for parts of the soft red winter wheat belt, which could lead to disease problems later in the spring. USDA this week rated the winter wheat at 63 percent good to excellent, much above last year’s condition at this time of 43 percent.

On Monday Chicago May wheat was down 1 ¼ cents at 4-53 ½. May corn up 1 ¼ cents at 3-45 ¾. Portland soft white wheat steady at mostly 4-63. New crop August soft white up a nickel to down a nickel at 4-60 to 4-70. Club wheat premium $3.67. HRW 11.5 % protein up two cents at mostly 5-14. DNS 14% protein up a penny at mostly 6-84. No Portland barley bids.

Cattle futures closed higher Monday with some new contract highs in both live and feeder contracts. Some analysts pointed to spillover support from lean hog futures. Optimism about this week’s cash fed trade was also cited.June live cattle up 67 cents at 94-20. May feeders up 142 at 114-12. May Class III milk up 20 cents at 13-48.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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