Wet weather and wheat futures

Market Line June 15, 2010 Wheat futures were higher Monday with the biggest gains at Minneapolis. Spring wheat futures continued to get a boost from wet conditions in Canada, which the Wheat Board says will reduce spring wheat plantings by several million acres. In the U.S. excessive moisture in some hard red and soft red winter wheat areas was also supportive and interrupting harvest. But USDA meteorologist Brad Rippey says the U.S. spring wheat crop is in great condition.

Rippey: “Conditions across the northern Plains and the Pacific Northwest due to abundant moisture we have the crop rated 86% good to excellent. That is even better than last year‘s good crop which was 75% good to excellent at this time.”

Rippey says nine percent of the U.S. winter wheat crop has been harvested, slightly ahead of average.

On Monday Chicago July wheat up 10 ¾ cents at 4-51 ½. July corn up 4 ¼ cents at 3-53 ¾. Portland soft white wheat up a nickel at mostly 4-52. New crop August soft white three to seven cents higher at 4-48 to 4-55. Club wheat premium mostly 75 cents. HRW 11.5 % protein eight to 13 cents higher at mostly 5-05. DNS 14% protein 21 cents higher at 6-51.

Cattle futures were higher Monday. Outside market influences were noted particularly the drop in the dollar. Boxed beef remained weak however. August live cattle up 85 cents at 88-12. August feeders up 35 at 110-42. July Class III milk down three cents at 13-45.

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

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