Wheat futures down; cattle mixed

Market Line May 14, 2010 Wheat futures had some double digit losses Thursday. USDA did confirm another sale of U.S. corn to China but it didn’t help corn or wheat. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota points to factors in the action yesterday.

Hoops: “Export sales were not a great number. Nine million bushels for old crop, 8.9 for new. That was one of the reasons we sold off in the wheat. We are also getting some hedge pressure, some fund type selling weighing on the market as well as seasonal selling also contributing to the decline as we are getting some pre-harvest positioning.”

Wheat in Europe is getting more global interest as the value of the Euro slips lower making European wheat more attractive for now.

On Thursday Chicago July wheat was down 12 ½ cents at 4-79. July corn down 5 ¼ cents at 3-73. Portland soft white wheat steady to a nickel lower at mostly 4-81. New crop August soft white steady at 4-80 to 4-90. Club wheat premium mostly $1.50. HRW 11.5 % protein down a dime at mostly 5-26. DNS 14% protein 12 to 17 cents lower at 6-50. No Portland barley bids.

It was a mixed close for cattle futures Thursday with little fundamental news once cash fed sales were complete for the week. They traded mostly steady. Traders are wary about beef demand after Memorial Day and about cattle supplies picking up. June live cattle down 12 cents at 95-57. August feeders up 30 cents at 115-07. June Class III milk up 15 cents at 13-88.

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

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