Harvest pressure on wheat futures

Market Line June29, 2010 Wheat futures posted losses Monday. The stronger dollar was cited as was harvest pressure as dry, warm weather has returned in the hard red and soft red winter wheat belts.

USDA reported 96 percent of the U.S. winter wheat crop is now headed versus 98 percent for the five year average. Better than a third of the crop has now been harvested. Twenty nine percent of spring wheat has headed, five points behind the average pace for now.

Egypt, the world’s largest importer of wheat, says it wants to diversify its wheat suppliers. The U.S. has been shut out of most Egyptian business since last year as Russia puts pressure on U.S. and French wheat.

On Monday Chicago September wheat down six cents at 4-65. September corn down 7 ¼ cents at 3-42 ¼. Portland soft white wheat steady to a penny lower at 4-58. New crop August soft white steady at 4-52 to 4-63. Club wheat premium mostly 75 cents. HRW 11.5 % protein new crop lower at 4-90 to 4-98. DNS 14% protein ten to 13 cents lower at 6-21.

Cattle futures were mostly higher Monday. The discount of live futures to cash prices was supportive and cash fed prices are expected to be steady. Feeders followed live cattle. August live cattle up 30 cents at 89-67. August feeders up 77 at 113-97. August Class III milk down 19 cents at 13-66.

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

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