Russia's winter wheat plans

Market Line August 16, 2010 Analysts say the Russian drought has pretty much done all the damage it can to that nation’s spring wheat crop but there is still another concern.

Gidel: “And also the ongoing concern about this dry weather over there is it is also going to impact their winter wheat plantings which are further to the east.”

That’s Jerry Gidel of North American Risk Management Services at the Chicago Board of Trade. Friday Russia’s agriculture ministry said the area planted to winter wheat may drop by one-third this fall with farmers hoping to shift the land to spring grains next year.

The flooding in Pakistan has impacted some wheat, rice and corn.

Meanwhile, wheat futures were lower Friday with Minneapolis and Kansas City gaining on Chicago. Analysts said that could be due to tightening ending stocks for the hard red wheats.

On Friday Chicago September wheat down 10 ½ cents at 7-02 ½. September corn up 5 ½ cents at 4-11 ¾. Portland soft white wheat steady to 35 c ents higher at mostly 6-42. Club wheat premium mostly 17 cents. HRW 11.5 % protein down a penny at mostly 6-71. No DNS bids. Minneapolis September spring wheat futures were down three cents at 7-14 ¾.

Cattle futures were mostly lower Friday with profit taking cited as a feature. Cash fed cattle sold higher last week and boxed beef was up again Friday. On the bearish side were a higher dollar and continued concerns about the economy. October live cattle down 22 cents at 95-07. October feeders down 85 at 111-42. September Class III milk down 14 cents at 15-40.

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

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