Losses for wheat futures as cattle rally
Market Line April 27, 2010 Wheat futures generally saw losses in the teens across the exchanges Monday. Weekly export inspections for wheat came in at about half trader expectations at only 9.9 million bushels. Strength in the U.S. dollar, fund selling and profit taking were all cited as factors. Favorable wheat weather is also a negative. After the close USDA reported spring wheat planting is ahead of average at 43 percent complete. And department meteorologist Brad Rippey says corn planting is also progressing rapidly. Rippey: “Corn planting progress continued at a torrid pace reaching the half-way mark by April 25th. The five year average for now is 22 percent. On Monday Chicago July wheat was down 17 ½ cents at 4-88. July corn down 1 ½ at 3-59 ½. Portland soft white wheat steady at mostly 4-82. New crop August soft white also steady at 4-80 to 4-85. Club wheat premium mostly $2. HRW 11.5 % protein 15 to 16 cents lower at mostly 5-34. DNS 14% protein down 13 to nineteen cents at 6-72. No Portland barley bids. Cattle futures were mostly higher Monday on the positive Cattle on Feed report Friday which confirmed smaller supplies of cattle in the second quarter. There was short covering and technical buying. Boxed beef prices were up Monday. In the futures, June live cattle up 67 cents at 95-50. August feeders up 137 at 116-95. June Class III milk up 11 cents at 13-81. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
