Wheat futures mixed; cattle higher

Market Line August 19, 2010 Wheat futures were mixed but mostly higher Wednesday. The Canadian Wheat Board expressed concern that Stats Canada’s report due out Friday will miss some of the wheat acreage lost during the planting season. The Ukraine also said it is considering limiting wheat exports to 1.5 million metric tons during September and October.

Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says Australia was also in the news.

Chiodo: “Australia had a little bit of trouble in western wheat provinces but the eastern production may make up for it, they think.”

USDA issues the weekly export sales report this morning and Chiodo says there are big expectations for wheat.

On Wednesday Chicago September wheat up a nickel at 6-56. September corn up 3 ¾ cents at 4-18 ½. Portland soft white wheat up a dime to down a nickel at mostly 6-26. Club wheat premium mostly 19 cents. HRW 11.5 % protein up eight cents at 6-47. No Portland DNS bids. Minneapolis spring wheat futures for September were up six cents at 6-84.

Cattle futures had good gains Wednesday. There were more new contract highs. Higher boxed beef and optimism about this week’s cash fed prices were cited. Traders are nervous about what will happen after retailers are done buying for Labor Day weekend. October live cattle up 152 at 97-47. October feeders up 132 at 114-95. The USDA reported Wednesday that milk production in the major producing states during July was up three percent from July of 2009. Ahead of the report September Class III milk was up a nickel at 15-37.

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

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