Several factors help wheat futures

Market Line June 11, 2010 Wheat futures had modest gains Thursday. USDA’s reports were called neutral to slightly supportive with winter wheat production up two percent from May and U.S. ending stocks slightly lower at 991 million bushels for new crop. World wheat ending stocks are seen increasing year-over-year by one million metric tons.

A lower dollar and rain for Kansas during the harvest getting underway there were also cited as supportive factors for wheat yesterday.

Joe Victor of Allendale Incorporated still thinks wheat hasn’t hit bottom though.

Victor: “Looking at the December contract, at least another 20-30 cents downward pressure December futures in the Chicago Board of Trade.”

On Thursday Chicago July wheat up 5 ¼ cents at 4-33 ¼. July corn up a nickel at 3-43 ¼. Portland soft white wheat steady to two cents higher at mostly 4-48. New crop August soft white down a penny to up two cents at 4-45. Club wheat premium mostly 75-cents. HRW 11.5 % protein five to ten cents higher at mostly 4-91. DNS 14% protein four cents higher at mostly 6-18.

Cattle futures were mostly higher Thursday, the exception being some far out feeder contract months. Futures discount to cash cattle prices, a higher stock market and lower dollar were all cited as positives for the market, though boxed beef was down over a dollar on both choice and select. August live cattle up 30 cents at 87-77. August feeders up a dollar at 110-22. July Class III milk up 20 cents at 13-40.

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

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