More big gains for wheat futures
Market Line July 2, 2010 Traders face a long holiday weekend with the markets closed Monday for the 4th of July holiday. Yesterday wheat futures posted big gains again getting help from corn and a lower dollar. Lynn Smith with the Zaner Group says there was short covering by the funds too. Smith: “The funds did buy as much as 15-thousand contracts of CBOT wheat. That was a pretty good sized chunk and with everybody in there buying it sends the price up pretty sharply. Weather still remains pretty conducive to harvest in the Plains. So we should be making pretty good progress on that.” Weekly export sales for wheat were within expectations. There was some talk about weather issues in Europe and Australia and reports out of Russia about drought impacts on grains there. On Thursday Chicago September wheat up 19 ½ cents at 4-99 ¾. September corn up 10 ½ cents at 3-73 ¼. Portland soft white wheat for July and August was steady at 4-60 to 4-65. Club wheat premium for July was steady to sharply lower at mostly 37 cents. HRW 11.5 % protein mostly 5-08. DNS 14% protein three to 15 cents higher at mostly 6-31. Cattle futures were mixed on Thursday. There was pressure from the lower stock market and other economic data. Boxed beef was firm. The cash fed trade this week has been mostly at 91 dollars, steady with last week. August live cattle down seven cents at 89-95. August feeders down 45 at 112-60. August Class III milk up 21 cents at 14-34. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
