Wheat futures up; cattle down

Market Line April 13, 2010 Wheat futures were slightly higher Monday. Traders say wheat got support from a weaker dollar. There was pressure however, from good spring weather across most winter wheat areas. After the close USDA reported the winter wheat condition rating at 65 percent good to excellent, the same as last week and well above last year’s 42 percent at this time.

The weekly export inspections came in at just over 17 million bushels. An average of 17.9 million is needed each week to meet USDA’s projection for 2009-2010 exports.

On Monday Chicago May wheat was up two cents at 4-67 ¾. May corn up 2 ½ cents at 3-48 ¼. Portland soft white wheat steady to a nickel higher at mostly 4-73. New crop August soft white up a nickel at 4-75 to 4-80. Club wheat premium $2.00. HRW 11.5 % protein steady at mostly 5-29. DNS 14% protein unchanged to a penny higher at mostly 6-91. No Portland barley bids.

Cattle futures were lower Monday with profit taking cited as a main feature of trading. Analysts say tight cattle supplies should keep cash fed cattle steady to higher this week. June live cattle down 70 cents at 94-05. May feeders down 32 cents at 115-05. May Class III milk down 22 cents at 13-53.

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

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