Wheat and cattle futures both lower

Market Line April 15, 2010 Wheat futures did have some gains during the session Wednesday but they were given back and contracts closed mostly lower. This despite a lower dollar as there are concerns about exports. Traders get the weekly export sales report for wheat this morning.

What is viewed as near excellent weather for wheat continued to keep pressure on wheat futures along with the bearish fundamental picture worldwide. There were reports of Australian government officials saying eastern Australian wheat areas could see locust problems later this year.

Joe Victor of Allendale Incorporated does find something positive.

Victor: “Seasonals are definitely becoming a major player within the marketplace. And seasonals suggest again that corn, soybeans, wheat, we rally this time of year.”

On Wednesday Chicago May wheat was down 1 ¼ cents at 4-74 ¾. May corn was up 5 ½ cents at 3-58. Portland soft white wheat steady to a nickel higher at mostly 4-75. New crop August soft white unchanged at 4-75 to 4-80. Club wheat premium $2. HRW 11.5 % protein down two cents at 5-36. DNS 14% protein one to 16 cents lower at mostly 6-91. No Portland barley bids.

Cattle futures continued down on Wednesday. The steady to a dollar lower cash fed prices this week put pressure on contracts. Boxed beef was lower. There are thoughts high beef prices may impact consumer demand. June live cattle down 52 cents at 92-95. May feeders down 140 at 112-20. May Class III milk up eight cents at 13-08.

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

Now this.