Canadian crop estimate better than expected

Market Line August 23, 2010 Wheat futures were mixed on Friday with Minneapolis the weakest market as Stats Canada came out with a wheat production estimate above trade expectations. At 22.6 million metric tons the Canadian estimate was eight percent above a July forecast but it’s still the smallest crop in three years.

Mark Chido of Chiodo Commodities at the Minneapolis Grain Exchange says another negative was a denial by the Russians saying;

Chiodo: “They will not need to import any wheat. That put us under pressure.”

On the positive side USDA announced a sale of 165-thousand metric tons of U.S. hard red winter wheat to an unknown destination.

On Friday Chicago December wheat down 2 ¼ cents at 7-12. December corn up seven cents at 4-36 ¼. Portland soft white wheat steady at mostly 6-38. Club wheat premium mostly 19 cents. HRW 11.5 % protein a penny to 26 cents higher at 6-83. No DNS bids. Minneapolis December spring wheat down 6 ¼ cents at 7-14 ¼.

Cattle futures were higher Friday heading into the Cattle on Feed Report on higher cash cattle and beef prices. Some analysts called the report a little negative. The on feed inventory was up two percent from a year ago, placements last month down about six percent with marketings in July down about two percent. October live cattle up seven cents at 99-25. October feeders up a dollar at 117-57. October Class III milk up 13 cents at 15-21.

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

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