Wheat futures rebound; cattle contracts mixed

Market Line April 21, 2010 On Tuesday wheat futures recovered the losses suffered Monday. Traders said short covering was the feature of the day along with technical support. There is still a large spec net short position in wheat.

Tuesday’s rally came despite improved weekly condition ratings for winter wheat and good progress in spring wheat planting. USDA meteorologist Mark Brusberg has the spring wheat numbers.

Brusberg: “They have planted 20% of the crop and that’s compared to 14% on average.”

On Tuesday Chicago May wheat was up 18 ¼ cents at 4-86. May corn up 7 ¾ cents at 3-55 ½. Portland soft white wheat up a nickel at mostly 4-78. New crop August soft white five to ten cents higher at 4-78 to 4-90. Club wheat premium $2. HRW 11.5 % protein nine to 19 cents higher at mostly 5-42. DNS 14% protein up 18 cents at mostly 6-87. No Portland barley bids.

Live cattle futures were mostly higher Tuesday with feeder contracts lower. Short covering was a feature for live contracts and boxed beef prices were higher. Feeder contracts saw profit taking and pressure from lower cash market prices. USDA issues the monthly Cattle on Feed report this Friday. June live cattle up a dime at 94-60. May feeders down fifty cents at 112-55. May Class III milk up two cents at 13-14.

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

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