Slip sliding away

Market Line June 8, 2010 Wheat futures continued their slide lower Monday setting more new lows. Strength in the dollar was bearish and wheat continues to face bearish fundamentals with the winter wheat harvest expanding in the southern Plains and the spring wheat crop in good shape. In fact USDA meteorologist Brad Rippey has an update on that.

Rippey: “Ninety percent of the spring wheat emerged. Four points behind the 5-year average but ahead of last year‘s number of 82%. Very, very good conditions for the spring wheat crop, 84% good to excellent. Down one point from a week ago but better than last year‘s crop which wasn‘t bad in its own right, 73% good to excellent.”

On Monday Chicago July wheat was down 3 ½ cents at 4-32 ¼.

July corn down 4 ¼ cents at 3-35 ¾. Portland soft white wheat steady to a nickel lower at mostly 4-49. New crop August soft white lower at 4-50 to 4-60. Club wheat premium mostly 76-cents. HRW 11.5 % protein down three cents at 4-91. DNS 14% protein down six cents at mostly 6-14. No Portland barley bids.

Cattle futures were lower Monday. Commentators said that with little outside market influence cattle followed hogs lower. Boxed beef was lower and traders were thinking packers will lower their bids this week. August live cattle down 90 cents at 87-72. August feeders down 47 cents at 108-40. July Class III milk down a penny at 13-24.

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

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