Wheat futures drop; cattle mostly higher

Market Line May11, 2010 Wheat futures saw double digit losses Monday. Some analysts were puzzled by the severity of the decline given some friendly Canadian wheat stock numbers. Weekly export inspections for wheat were up from last week but still below what is needed on a weekly basis to meet USDA projections.

Traders said there was also evening up positions for this morning’s USDA report. That will be the focus initially today with USDA providing its first estimate of the 2010 USDA winter wheat crop.

After the market close USDA reported 67 percent of the spring wheat planted, just one point above the average pace for now. Corn planting is nearly 20 percent ahead of the five year average at 81 percent complete.

On Monday Chicago July wheat was down 17 ¾ cents at 4-92 ¾. July corn down 1 ½ cents at 3-70 ½. Portland soft white wheat steady to a penny higher at mostly 4-81. New crop August soft white 4-85 to 4-90. Club wheat premium mostly $1.50. HRW 11.5 % protein down 13 cents at mostly 5-37. DNS 14% protein down 14 cents at mostly 6-66. No Portland barley bids.

Cattle futures were mostly higher Monday on some early week cash fed sales at $100 and fund buying. The rebound in the stock market was also called supportive. Boxed beef was mixed. June live cattle up 80 cents at 96-70. August feeders up 105 at 115-92. June Class III milk up three cents at 13-67.

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

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