Gulf shipping okay so far

Market Line May 5, 2010 Wheat futures were higher Tuesday despite a higher U.S. dollar. Some weekend frosts are expected in the northern extremes of the hard red winter and soft red winter wheat belts, which had some traders nervous. Corn could also be impacted by that cold.

So far there have been no disruptions to export shipping out of the Mississippi due to the oil spill in the Gulf but Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says it could be an issue.

Chiodo: “Consensus still is that the slick is neutral to bearish in terms of the prices on the board here. It will either have no effect or it will slow us up in terms of shipping and getting stuff out, which may lend itself to sending bushels elsewhere to other ports.”

On Tuesday Chicago July wheat was up nine cents at 5-10 ¾. July corn down 2 ½ cents at 3-69. Portland soft white wheat steady to eight cents lower at mostly 4-85. New crop August soft white steady to down a nickel at 4-85 to 4-90. Club wheat premium mostly $1.50. HRW 11.5 % protein up a dime at mostly 5-56. DNS 14% protein four to seven cents higher at 6-81. No Portland barley bids.

Cattle futures were mixed Tuesday though front month live contract set new highs. Some cash fed cattle sold at steady to a dollar higher money. Further strength in beef prices and smaller show lists were supportive. Pressure came from outside markets. June live cattle up 50 cents at 96-02. August feeders down a nickel at 116-69. June Class III milk down 12 cents at 13-71.

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

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