Wheat futures mixed; cattle mostly higher

Market Line July 21, 2010 Wheat futures were lower again Tuesday. Traders said there was more spillover pressure from corn due to good weather in the main cornbelt areas and also pressure from a stronger dollar. Profit taking from the recent rally was also cited.

Egypt has purchased 120-thousand metric tons of wheat, all from Russia. This despite the concerns about production losses in the Black Sea region.

On Tuesday Chicago September wheat down 5 ¼ cents at 5-77. September corn down 7 ½ cents at 3-74. Portland soft white wheat steady to a nickel lower at mostly 4-85. New crop August soft white unchanged at 4-85 to $5.

Club wheat premium mostly 37 cents. No hard red winter or red spring wheat bids at Portland. Minneapolis September spring wheat was down 1 ½ cents at 6-01 ¾.

Cattle futures were steady to higher Tuesday. There is optimism about this week’s cash fed cattle prices. Boxed beef was higher. USDA meteorologist Brad Rippey cites another supportive factor impacting cattle.

Rippey: “A significant stress with the heat and humidity on livestock all through the central and southern Plains.”

Hurting weight gains and even causing cattle deaths. Lower corn helped feeder futures. August live cattle steady at 93-12. August feeders up a nickel at 114-47. August Class III milk up a penny at 14-93.

This Friday USDA issues its mid-year cattle inventory report.

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

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