Weather limits wheat futures gains

Market Line April 14, 2010 Wheat futures were higher again Tuesday. Traders said generally favorable weather conditions for winter wheat kept the lid on gains. Fund buying and short covering were noted. The closes at Chicago and Kansas City were seen as technically strong.

Joe Victor of Allendale incorporated says our neighbor to the north is shopping the U.S. for some wheat.

Victor: “And of course what we are finding out is that even Canada is coming to Montana and/or North Dakota trying to find high protein spring wheat…..old crop.”

On Tuesday Chicago May wheat was up 8 ¼ cents at 4-76. May corn up 4 ¼ cents at 3-52 ½. Portland soft white wheat steady at mostly 4-73. New crop August soft white steady at 4-75 to 4-80. Club wheat premium $2. HRW 11.5 % protein nine cents higher at mostly 5-38. DNS 14% protein up six cents at 6-95. No Portland barley bids.

Reports that some southern plains fed cattle sold for a dollar lower than last week took cattle futures lower Tuesday. Boxed beef was higher yesterday but there are thoughts that market is topping. Feeder contracts saw a chart related sell off that also pressured live contracts. June live cattle down 57 cents at 93-47. May feeders down 145 at 113-60. Falling cheese prices hit milk futures hard with May Class III milk down 53 cents at $13.

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

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