Stats Canada report as expected
Market Line June 24, 2010 Wheat futures were mixed Wednesday. Spreading activity was called a feature. Excessive moisture is still an issue for some of the soft red winter wheat belt. Stats Canada reported Canadian wheat acreage would total 22.7 million acres, down nine percent from last year. That data was collected before the recent rains which delayed or prevented planting. Joe Victor of Allendale Incorporated says for now that was about what traders expected. He says Canada will up date planted acres but that will be a while. Victor: “August 20th is when Stats Canada will release an acreage survey when it comes to taking a look primarily at how many acres of oats, canola, spring wheat.” On Wednesday Chicago July wheat up 1 ½ cents at 4-62 ¼. July corn down a nickel at 3-46 ½. Portland soft white wheat two to three cents higher at mostly 4-53. New crop August soft white steady at 4-53 to 4-55. Club wheat premium mostly 75 cents. HRW 11.5 % protein steady to a penny higher at 5-17. DNS 14% protein down three cents at mostly 6-57. Cattle futures were mixed Wednesday. Cash fed cattle this week sold mostly at 91 dollars, steady with last week. Technical selling was a feature. Outside markets were not seen as very supportive. Heat in the southern U.S. could keep weight gains down. August live cattle down 30 cents at 88-50. August feeders up seven cents at 111-90. July Class III milk up seven cents at 13-25. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
