Wetness in Canada still a market factor

Market Line June 18, 2010 Wheat futures saw a choppy trade Thursday but closed higher. The weekly export sales report for wheat came in about three times the volume the trade expected at 35 million bushels. Results of a large Saudi Arabian tender are also awaited.

Canadian weather continues to be a factor. Wet weather is preventing spring planting and rain is in the forecast in wheat areas through the end of the month. Earlier this week the Canadian Wheat Board said from eight to 12 million acres of spring grains could go unplanted.

On Thursday Chicago July wheat up 1 ½ cents at 4-62 ¾. July corn up 1 ¼ cents at 3-57 ½. Portland soft white wheat steady to a nickel higher at 4-58.

New crop August soft white steady to three cents higher at 4-55 to 4-60. Club wheat premium mostly 75 cents. HRW 11.5 % protein up a nickel at mostly 5-20. DNS 14% protein four to six cents lower at mostly 6-63.

Cattle futures were lower Thursday with demand concerns cited given the unexpected increase in jobless claims. There were cash fed sales at 91 dollars. USDA’s Cattle on Feed Report is out this afternoon and traders think May could see a surge in placements. August live cattle down 55 cents at 88-62. August feeders down 75 at 110-15. July Class III milk down two cents at 13-60.

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

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