Keeping an on some overseas weather

Market Line April 26, 2010 Wheat futures closed lower Friday. There was selling pressure from other grains and ideas the market was a bit overbought. Lynn Smith of the Zaner Group in Chicago say that technically, things are looking up for wheat. Chicago July wheat closed above its 50-day moving average.

Smith: “So that was positive. I think it had a pretty nice week. It was up three cents on the week so it wasn‘t a bad week considering all the bad fundamental news out there in wheat.”

While weather in the U.S. is favorable for the wheat crop some commentators are noting some issues overseas like too cool of temperatures in China, dry conditions in France with India being on the dry side as well. Australia however, apparently has good moisture for seeding the next wheat crop.

On Friday Chicago July wheat was down 5 ½ cents at 5-05 ½. July corn down 10 ½ cents at 3-61. Portland soft white wheat steady to a nickel higher at mostly 4-83. New crop August soft white 4-80 to 4-85. Club wheat premium mostly $2. HRW 11.5 % protein three to four cents lower at 5-49. DNS 14% protein three to 12 cents lower at mostly 6-88. No Portland barley bids.

USDA’s Cattle on Feed report Friday was described as friendly with on feed numbers down four cent from a year ago, placements up three percent and marketings up four percent. Both the inventory and placements were below the lowest pre-report estimates. Ahead of the report cattle futures were mostly lower. June live cattle down 77 cents at 94-82. August feeders down 57 at 115-57. June Class III milk up 19 cents at 13-70.

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

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