Wheat futures mixed; cattle higher
Market Line June 16, 2010 Wheat futures had a mixed close Tuesday. A lower dollar and rain delays in the winter wheat harvest in the Plains were supportive. Traders said the market ran out of sellers but buyers are reluctant to step in as wheat remains in a long term down trend. USDA meteorologist Brad Rippey has this week’s update on development of the winter wheat crop. Rippey: “Winter wheat heading mostly across the nation, 88 percent. That is a bit behind the average of 92%. Heading is now moving up into the northern Plains and the northwest. The slowest developing state Montana, only three percent heading by June 13th.” The U.S. winter wheat harvest is nine percent complete. On Tuesday Chicago July wheat up a ¼ cent at 3-51 ¾. July corn unchanged at 3-53 ¾. Portland soft white wheat steady at mostly 4-52. New crop August soft white steady at 4-48 to 4-55. Club wheat premium mostly 75 cents. HRW 11.5 % protein down two cents at 5-03. DNS 14% protein unchanged at mostly 6-51. Cattle futures were higher Tuesday. Boxed beef prices were better and a strong stock market and weak dollar added support. Cash feeders were higher at Oklahoma City by one to four dollars over last week. August live cattle up 47 cents at 88-60. August feeders up 55 at 110-97. July Class III milk up 13 cents at 13-58. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
