Wheat futures mixed; cattle lower
Market Line July 13, 2010 Wheat futures were higher at Kansas City and Minneapolis Monday, lower at Chicago as better demand for the higher protein wheats and concerns about the crop’s in key production regions overseas were cited. Profit taking was also called a factor after last week’s rally. Weekly export inspections for wheat were at 14 million bushels, which was less than last week. The U.S. winter wheat harvest continues to progress. USDA meteorologist Brad Rippey has the update. Rippey: “Looking at the winter wheat harvest, almost at the two-thirds mark, 63% by July 11th 2010. That is two points behind the five year average and just a little bit ahead of last year, 61%.” On Monday Chicago September wheat down 2 ¼ cents at 5-35 ¾. September corn down 3 ¾ cents at 3-79 ¾. Portland soft white wheat steady to a penny higher at mostly 4-75. New crop August soft white up three cents at 4-75 to 4-78. Club wheat premium mostly 37 cents. HRW 11.5 % protein up two cents at 5-48. DNS 14% protein four to nine cents higher at mostly 6-69. Cattle futures were lower Monday. Beef demand is seen as soft following the 4th of July Holiday and some analysts are pointing to the seasonal tendency of lower beef prices through mid-summer. USDA also raised its estimate of beef production this year. August live cattle down 12 cents at 90-07. August feeders down 82 at 112-85. August Class III milk up 25 cents at 14-78 on higher cheese prices. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
