Protein improves as harvest moves north

Market Line June 28, 2010 Wheat futures were lower Friday. Weakness came despite a falling dollar through the session. Traders said drier forecasts for harvest in the hard red and soft red winter wheat belts were a negative factor. Joe Victor of Allendale Incorporated mentions that too.

Victor: “Looking at conditions that are becoming better and I feel there is probably one more leg down for primarily the winter wheat.”

There was also commentary that improved protein levels were being seen as the hard red winter harvest moved northward into Kansas which pressured the hard red wheat contracts.

The CCC is buying 3.8 million bushels of soft white wheat for donation to Bangladesh.

On Friday Chicago September wheat was down 6 ½ cents at 4-71. September corn down 4 ¼ cents at 3-49 ½. Portland soft white wheat steady to eight cents higher at mostly 4-58. New crop August soft white also steady to higher at 4-52 to 4-63. Club wheat premium mostly 75-cents. HRW 11.5 % protein, only August new crop bids at 5-03 to 5-07, down 10 to 13 cents. DNS 14% protein 13 cents lower at 6-32.

Cattle futures were higher Friday getting a boost from news that Russia has agreed to restart U.S. poultry imports. That is friendly news to meat generally. Cash fed cattle were steady last week at 91 dollars. August live cattle up 22 cents at 89-37. August feeders up 52 cents at 113-20. August Class III milk up 23 cents at 13-85.

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

Now this.