Wheat futures lower ahead of USDA numbers
Market Line June 10, 2010 Wheat futures were lower Wednesday, the 7th time in eight days contracts have had losses. This morning traders will react to a new winter wheat production forecast from USDA as well as updated world supply and demand numbers. The ongoing hard red winter wheat harvest has filled storage capacities in some areas and traders said that was helping to pull wheat prices overall down. The arrival of monsoon rains in India and ideas La Nina will mean good moisture for Australia added to wheat’s negative tone. On Wednesday Chicago July wheat down 4 ¼ cents at 4-28. July corn up a penny at 3-38 ¼. Portland soft white wheat two cents lower to a nickel higher at mostly 4-46. New crop August soft white also mixed at 4-43 to 4-46. Club wheat premium mostly 75-cents. HRW 11.5 % protein down four cents at 4-83. DNS 14% protein mixed at mostly 6-14. Live cattle were mostly lower Wednesday with feeder contracts generally higher. The cash fed cattle market was quiet. Boxed beef prices continued to fall. Analysts say beef demand seems to be an issue. Short covering helped feeder contracts. August live cattle down 35 cents at 87-47. August feeders up 37 at 109-22. July Class III milk down six cents at 13-20. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
