Harvest pressure on wheat futures

Market Line June 4, 2010 Wheat futures were mostly lower Thursday with Kansas City contracts the weakest. Good harvest weather in the southern Plains put pressure on the wheat market, particularly Kansas City. The hot weather in the Plains is seen as a mixed bag but might boost protein levels in the hard red winter wheat crop.

Despite the recent decline in U.S. wheat prices Egypt skipped the United States in a tender this week for 180-thousand metric tons. It bought from Russia and France as freight costs were said to make those countries more competitive than the U.S.

The weekly export sales report from USDA will be out this morning.

On Thursday Chicago July wheat was down ¾ of a cent at 4-41 ¾. July corn up a penny at 3-49 ½. Portland soft white wheat steady to eight cents lower at mostly 4-60. New crop August soft white steady to down a dime at 4-55 to 4-61. Club wheat premium mostly 75-cents. HRW 11.5 % protein down two cents at 5-02. DNS 14% protein up a penny at 6-25. No Portland barley bids.

Live cattle futures were lower Thursday with feeders firm. The cash fed market this week was supportive with the latest sales at 95 dollars but profit taking and fund selling took live contracts down. Boxed beef was lower. August live cattle down 62 cents at 90-12. August feeders up two cents at 109-67. July Class III milk down 18 cents at 13-28.

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

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