U.S. misses out on export business

Market Line June 22, 2010 Wheat futures were higher Monday at Kansas City and Minneapolis with only nearby July gaining at Chicago. Wheat did get pressure from news that both Saudi Arabia and Egypt purchased non-U.S. wheat. Contracts did turn higher on concerns about the recent rainfall in the Plains hurting wheat quality. But they are harvesting again in the Plains and Joe Victor of Allendale Incorporated says that is limiting any enthusiasm he has for winter wheat.

Victor: “When comes to winter wheat harvest, I don‘t care if its Kansas City or the Chicago Board of Trade, I cannot bet extremely bullish. Now spring wheat I can.”

With the situation with spring wheat planting in Canada a factor.

On Monday Chicago July wheat up a quarter cent at 4-62. July corn down 5 ¾ cents at 3-55. Portland soft white wheat steady at 4-55. New crop August soft white steady to a nickel lower at 4-55. Club wheat premium mostly 75 cents. HRW 11.5 % protein mixed at mostly 5-21. DNS 14% protein two to seven cents higher at 6-68.

Cattle futures saw strong gains Monday. Short covering and the discount of futures to last week’s cash fed cattle sales were cited. China’s decision to allow more movement of its currency was also seen as good for the world economy which could spur meat demand. August live cattle up 112 at 89-32. August feeders up 152 at 111-70. July Class III milk down four cents at 13-35.

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

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