Wheat futures advance on continued crop worries

Market Line July 23, 2010 Wheat posted gains again Thursday, though closed off the day’s highs. The dollar was lower and crude oil higher which helped wheat futures and led to fund buying. The main focus remains on smaller wheat production overseas in Europe and Russia. Now Argentina is reporting its wheat planting is well behind the normal pace because of rain delays which could reduce acreage there.

Weekly export sales for wheat at 14 million bushels were within trade expectations but below the average total needed each week to reach USDA’s export projection.

On Thursday Chicago September wheat up 8 ¼ cents at 5-96 ½. September corn down 3 ¼ cents at 3-76 ½. Portland soft white wheat was steady to a dime higher at mostly $5. New crop August soft white steady at 4-90 to 5-05. Club wheat premium mostly 37 cents. No Portland red wheat bids.

September spring wheat at Minneapolis was up 9 ¼ cents at 6-22 ¾.

Live cattle futures were mixed Thursday with feeders higher as traders were cautious ahead of this afternoons cattle on feed report from the USDA. Profit taking was cited as a feature. Some cash fed cattle traded at 95 dollars which is higher than last week. August live cattle down 17 cents at 93-32. August feeders up 25 at 114-90. August Class III milk down eight cents at 14-90.

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

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