U.S. winter wheat harvest begins

Market Line May 3, 2010 Traders will be following reports from the Kansas wheat crop tour which is this week. Also, the first reports of the 2010 hard red winter wheat harvest came in last week with the first loads being delivered to a south Texas elevator.

On Friday wheat futures were higher. The dollar was weak and crude oil was higher. Peter Georgantones with Investment Trading Services in Bloomington, Minnesota is shocked that wheat has held in like it has.

Georgantones: “Again I would be using these rallies to sell some cash wheat. I don‘t like the market from the long side. I don‘t think we can go much higher than this. It is actually acting better than I thought it would.”

The Buenos Aires Grains Exchange says wheat acreage in Argentina will be substantially higher this year, up 26 percent from last year’s drought-induced reduction in planted acres.

On Friday Chicago July wheat was up 7 ½ cents at 5-03. July corn up 6 ¼ cents at 3-75 ¼. Portland soft white wheat was mixed at mostly 4-88. New crop August soft white up a nickel to down two cents at 4-90 to 4-93. Club wheat premium mostly $2. HRW 11.5 % protein 5-48 with no comparison.

DNS 14% protein mostly 6-80. No Portland barley bids.

Cattle futures were higher Friday except for the far deferred live cattle months. Recently improved exports and boxed beef prices have been supportive. There is some commentary expecting steady cash fed cattle prices this week. June live cattle up 35 cents at 94-22. August feeders up 25 at 116-07. June Class III milk up four cents at 13-99.

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

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