Argentina raises wheat plantings estimate
Market Line June 21, 2010 Wheat futures were mixed Friday with Kansas City and Minneapolis gaining on Chicago. Traders credited gains to the wet weather in Canada and recent export business for hard red spring and hard red winter wheat. The hard red winter harvest has also been slowed by rain. Argentina’s Agriculture Ministry raised its preliminary estimate of wheat plantings from 3.5 million hectares to 4.4 million or about 10.8 million acres. On Friday Chicago July wheat down a penny at 4-61 ¾. July corn up 3 ¼ cents at 3-60 ¾. Portland soft white wheat steady to a nickel lower at mostly 4-55. New crop August soft white 4-55 to 4-60. Club wheat premium mostly 75-cents. HRW 11.5 % protein a penny higher at mostly 5-21. DNS 14% protein steady at mostly 6-63. USDA’s Cattle on Feed Report Friday showed a big increase in feedlot placements during May compared to a year ago. Department livestock analyst Shale Shagum says placements were up 23 percent. Shagum: “We did see very good returns to cattle feeders in May and that encouraged producers to put more cattle into feedlots.” And though May marketings were down four percent USDA says the feedlot inventory on June 1st was up only one percent from last year. Ahead of the report August live cattle down 42 cents at 88-20. August feeders up two cents at 110-17. July Class III milk down 21 cents at 13-39. USDA reported May milk production in the major producing states was up 1.3 percent from May of 2009. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
