Wheat futures trim losses

Market Line July 20, 2010 Wheat futures posted losses Monday but finished above the day’s lows. Traders pointed to spillover pressure from corn and soybeans. As USDA meteorologist Brad Rippey reports, weather is great for the U.S. corn crop right now.

Rippey: “After another warm, showery week, Midwest crops continue to grow in a greenhouse type of environment.”

Wheat futures still remain supported by the weather conditions in Europe and Russia and the weekly export inspections for wheat at 22.4 million bushels were up sharply from a week ago. Traders were also saying the U.S. shared in a large wheat sale to Iraq.

The U.S. winter wheat harvest is 69 percent complete with harvesting now underway in Oregon and Washington

On Monday Chicago September wheat down a nickel at 5-82 ¼. September corn down 13 ¼ cents at 3-81 ½. Portland soft white wheat down a nickel at mostly 4-86. New crop August soft white steady at 4-85 to $5. Club wheat premium mostly 37 cents. No Portland bids for hard red winter or dark northern spring wheat. September spring wheat futures at Minneapolis were down 8 ¼ cents at 6-03 ¼.

Cattle futures were higher Monday on short covering and fund buying. Futures discount to cash live cattle was cited. Support was also said to come from heat in the Plains and reports of feedlot livestock deaths. August live cattle up 85 cents at 93-12. August feeders up 132 at 114-42. August Class III milk up two cents at 14-92 ahead of USDA reporting that milk production in the major producing states during June was up 2.7 percent over June of last year.

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