And the wheat rally rolls on

Market Line July 15, 2010 Wheat continued to move higher Wednesday with Chicago September wheat putting in a six month high. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says the factors were about the same as they have been.

Chiodo: “A lower dollar. Some current concerns about the Russian crop. Some panic in Europe supposedly over wheat and oilseeds, all that combined for a pretty good boost during the day. But mostly the biggest item was the fund buying.”

On Wednesday Chicago September wheat up 9 ¾ at 5-59. September corn up nine cents at 3-84 ¼. Portland soft white wheat steady at 4-80 with new crop August soft white five to 15 cents higher at 4-80 to 4-95. Club wheat premium mostly 37 cents. There were no Portland hard red winter wheat bids due to the harvest pressure in the Plains and there were also no quotes for DNS. September hard red spring wheat futures at Minneapolis were up 4 ¾ cents at 5-83 ¼.

Live cattle futures were sharply higher Wednesday with feeder contracts steady to weak. There were reports of some cash fed sales of 93 dollars and that helped live futures. Beef exports through May of 2010 were 27 percent higher than last year and May shipments were the highest for that month since 2003 and we all remember what happened later that year. August live cattle up 137 at 92-32. August feeders steady at 113-62. August Class III milk up 22 cents at 14-96 with barrel cheese prices the highest of the year.

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

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