Overseas production concerns help wheat futures again

Market Line July 22, 2010 Wheat futures saw some double digit gains Wednesday as traders again focused on weather problems for production in Europe and the Black Sea region. The Ukraine cut its export estimate and Russia is making one-third of its inventory stocks available to help reduce internal feed prices. Algeria has also reduced its estimate for soft wheat production.

Gains were said to be limited by the good condition ratings for the U.S. spring wheat crop.

On Wednesday Chicago September wheat up 11 ¼ cents at 5-88 ¼. September corn up 5 ¾ cents at 3-79 ¾. Portland soft white wheat steady to 15 cents higher at mostly 4-92 in reaction to higher Chicago futures. New crop August soft white up a nickel at 4-90 to 5-05. Club wheat premium mostly 37 cents. No exporter bids for hard red winter or hard red spring wheat. Minneapolis September spring wheat futures were up 11 ¾ cents at 6-13 ½.

Cattle futures were higher Wednesday on cash fed cattle optimism. Boxed beef was higher again. Weather continues to be supportive with over two-thousand head of cattle reported to have died in Kansas from heat and humidity. August live cattle up 37 cents at 93-50. August feeders up 17 at 114-65. August Class III milk up a nickel at 14-98.

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

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