Stats Canada report will be dated
Market Line June 23, 2010 Wheat futures were lower Tuesday. Factors cited were technical selling, seasonal harvest pressure and strong crop condition ratings. Better weather is expected to boost harvest progress for both hard red and soft red winter wheat. Stats Canada issues a production report this morning but Joe Victor of Allendale says it won’t reflect the current conditions that are preventing planting in Canada. Victor: “Yes they go into lock-up but they do not do any tweaking. What they are doing is a farmer-driven survey that ended June 3rd. That was before the heaviest rains moved in.” On Tuesday Chicago July wheat down 1 ¼ cents at 3-60 ¾. July corn down 3 ½ cents at 3-51 ½. Portland soft white wheat three to five cents lower at mostly 3-51. New crop August soft white steady to three cents lower at 4-52 to 4-55. Club wheat premium mostly 75 cents. HRW 11.5 % protein four to six cents lower at 5-16. DNS 14% protein five to 15 cents lower at mostly 6-60. Live cattle futures were mixed Tuesday with feeder contracts higher. Expectations for a steady cash fed market this week offered some support but profit taking, a higher dollar and weaker stock market were negatives for live contracts. Strength in cash prices helped feeder futures. August live cattle down 52 cents at 88-80. August feeders up 12 at 111-82. July Class III milk down 17 cents at 13-18. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
