Outside markets provide pressure

Market Line May 18, 2010 Wheat futures were mixed Monday with winter wheat contracts for the 2011 crop showing strength. A higher dollar provided pressure for wheat futures Monday while wetness in the soft red winter wheat belt offered support. The weekly export inspections for wheat were nearly half of the level of a week ago at 12.5 million bushels.

Joe Victor of Allendale Incorporated says there are very few problems in wheat growing regions around the world though there are a couple of dry spots.

Victor: “Really about the only place we can find right now is Kazakhstan as well as Australia. Argentina is picking up some moisture. But it is in western Australia you are looking at the number eight producer.”

On Monday Chicago July wheat was down 2 ½ cents at 4-69. July corn down seven cents at 3-56. Portland soft white wheat steady to a nickel lower at mostly 4-74. New crop August soft white steady to up a nickel at 4-75 to 4-85. Club wheat premium mostly $1.50. HRW 11.5 % protein down a penny at mostly 5-19. DNS 14% protein down a penny at 6-44. No Portland barley bids.

Cattle futures were lower Monday. Lower cash fed cattle prices are expected this week and a higher dollar and what had been a lower stock market were negative for contracts. There is a lot of commentary about cash beef prices topping out with retailers having made their orders now for Memorial Day Weekend. August live cattle down 80 cents at 91-20. August feeders down 92 at 112-05. June Class III milk down 13 cents at 13-75.

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

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