Wheat futures lose; cattle contracts gain

Market Line May 4, 2010 Wheat futures lost just a few cents Monday after parring early session losses. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says a higher dollar pressured wheat early.

Chiodo: “I did notice that when the dollar started to slip a little bit and crude came up why it seemed to help the wheat. I suspect some of the selling and maybe the daily short selling, came back to find some coverage at the end of the day and that is what gave us such a good rally after being down ten, eleven cents on the lows of the day. Close almost unchanged here.”

Weekly export inspections for wheat were 17.5 million bushels, less than needed weekly to meet USDA projections.

On Monday Chicago July wheat was down 1 ¼ cents at 5-01 ¾. July corn down 3 ¾ cents at 3-71 ½. Portland soft white wheat was steady to weak at mostly 4-85. New crop August soft white three to five cents lower at 4-85 to 4-90. Club wheat premium mostly $1.50. HRW 11.5 % protein steady to two cents lower at mostly 5-46. DNS 14% protein two to 12 cents lower at 6-76. No Portland barley bids.

Cattle futures started May higher. Outside market support was cited along with live cattle contracts discount to cash prices and higher boxed beef. Cash feeders were higher at Oklahoma City. June live cattle up 130 at 95-52. August feeders up 57 at 116-65. June Class III milk down 16 cents at 13-83.

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

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