Good wheat weather; feedlot inventory still down
Market Line May 24, 2010 Wheat futures gained a few cents Friday at Chicago and Kansas City and were fractionally mixed at Minneapolis. There was support from the recovery in some outside markets. Some warm and drier air moving into the plains and areas of the soft red winter wheat belt is viewed as beneficial for the wheat in those regions. There was some commentary about worries regarding dry conditions in northern France. On Friday Chicago July wheat was up 2 ¼ cents at 4-72. July corn up seven cents at 3-69. Portland soft white wheat was mixed at mostly 4-70. New crop August soft white down three cents at 4-65 to 4-72. Club wheat premium mostly $1.50. HRW 11.5 % protein up two cents at 5-24. DNS 14% protein steady at mostly 6-45. No Portland barley bids. USDA issued a Cattle on Feed Report Friday and department analyst Shale Shagum goes inside the numbers. Shagum: “What we were looking at was placements in April were up about two percent at just over 1.6 million head. We saw our fed cattle marketings in April decline about one percent to about 1.9 million head which left us with an on feed number which was 3% below May 1st of last year of about 10.5 million head. And generally this report reflects the fact that we are looking at overall tighter supplies of cattle, which obviously will imply tighter supplies of beef moving out into the period.” Ahead of the report cattle futures were mixed with the week’s cash trade a negative and an up stock market providing support. June live cattle up 15 cents at 90-62. August feeders down 27 at 110-15. July Class III milk up three cents at 14-10. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
