Wheat and cattle futures lower
Market Line May 25, 2010 Wheat futures saw modest losses Monday which commentary suggests wasn’t bad given the sharp gains seen in the U.S. dollar. Wheat export inspections were called decent at 20 million bushels, up from last week’s 13 million.
Weather conditions are currently viewed as favorable for wheat with above normal temps forecast for the soft red winter wheat belt, which has seen excessive rain this spring.
USDA meteorologist Brad Rippey says planting of the U.S. spring wheat crop is 91 percent complete.
Rippey: “That is right on par with the normal planting pace, 91% by May 23rd. Emergence also pretty much on par, 70% emerged; 68% is the five year average.”
On Monday Chicago July wheat was down 4 ½ cents at 4-67 ½. July corn up two cents at 3-71. Portland soft white wheat steady to a nickel lower at mostly 4-75. New crop August soft white steady at 4-65 to 4-70. Club wheat premium mostly $1.50. HRW 11.5 % protein down four cents at 5-20. DNS 14% protein down a nickel at mostly 6-40. No Portland barley bids.
Cattle futures were lower Monday with sharp losses posted for feeder contracts. Selling was triggered in feeders when prices dropped under recent lows. A strong dollar and weak stock market were cited as factors for live cattle. There was little reaction to the Cattle on Feed report. August live cattle down 42 cents at 90-20. August feeders down 130 at 108-85. July Class III milk down a nickel at 14-05.
I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.
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