Attention on Russia

Market Line July 6, 2010 Grain traders began paying more attention to Russia late last week due to some dry conditions there impacting grain crops. That could affect Russian wheat exports. Wheat futures were higher again Friday heading into the three-day weekend. Short covering by funds was cited. Rain could affect harvesting in areas of the Plains and Midwest this week.

This Friday USDA will issue its July crop production report along with new supply and demand estimates. It will be the first break down by wheat class on carryover stocks for the marketing year.

On Friday Chicago September wheat up 3 ¼ cents at 5-03. September corn down ¾ of a cent at 3-72 ½. Portland soft white wheat and new crop August soft white steady at 4-60 to 4-65. Club wheat premium mostly 37 cents. HRW 11.5 % protein up six cents at 5-14. DNS 14% protein three to four cents higher at mostly 6-33.

Cattle futures were mixed Friday. There was outside pressure from the stock market and the jobs report. The cash fed cattle market was steady last week but volume was seen as light and thoughts are prices could be weaker this week. August live cattle down 47 cents at 89-47. August feeders up seven cents at 112-67. August Class III milk futures up two cents at 14-36. The June Class III prices is $13.62 up 24 cents from May with Class IV at $15.45 up 16 cents.

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

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