Wheat futures turn higher again

Market Line July 14, 2010 Wheat futures saw double digit gains Tuesday. Traders said support came from a sharp break in the dollar and a general rally in commodities and equities. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says funds were big buyers of wheat.

Chiodo: “The world numbers are sliding in terms of production but U.S. wise our carryout is increasing so I guess it depends on what you want to look at here. We will have over a billion bushels of carryout here. Harvest is going along in the hard wheat belt and conditions look good in the spring wheat belt.”

On Tuesday Chicago September wheat up 13 ½ cents at 5-49 ¼. September corn down 4 ½ cents at 3-75 ¼. Portland soft white wheat two to five cents higher at mostly 4-75. New crop August soft white steady to two cents higher at 4-75 to 4-80. Club wheat premium mostly 37 cents. HRW 11.5 % protein seven to 12 cents higher at 5-57. DNS 14% protein also seven to 12 higher at mostly 6-79.

Cattle futures were mostly higher Tuesday. Expectations of higher cash fed prices this week, higher boxed beef and the stock market gains were all cited. Cash feeders at Oklahoma City were one to two dollars higher than the last auction two weeks ago as well. August live cattle up 97 at 90-95. August feeders up 95 at 113-62. August Class III milk down four cents at 14-74.

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

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