Rain in Russia pressures wheat futures

Market Line August 25, 2010 Wheat futures closed lower Tuesday. A higher dollar was cited by traders along with the lower stock market and some moisture in Russia that will help for the winter wheat planting season there.

Germany continues to get rain during harvest which is expected to reduce quality.

Brian Hoops of Midwest Market Solutions thinks wheat could take another run higher.

Hoops: “Been kind of leaning on the fence that wheat could take a push back up into a retracement level. Maybe get that 50% at 7-49 in Chicago or maybe get even 62 or 7-66. Those are some target points I think you could see because this wheat market is set up for a little bounce here. Just haven‘t seen that transpire yet but I think we will give a little bit more time.”

On Tuesday Chicago December wheat down 17 ¾ cents at 7-07 ¾. December corn down 12 ¼ cents at 4-20 ½. Portland soft white wheat ten to fifteen cents lower at mostly 6-33. Club wheat premium mostly 17 cents. HRW 11.5 % protein six to 26 cents lower at 6-78. No Portland DNS bids. Minneapolis December spring wheat down 12 ½ cents at 7-14 ¼.

Cattle futures were lower Tuesday. The lower stock market was cited as a factor as were some technical indicators. Packers however already bought some fed cattle this week at 99.50 and boxed beef continued to show good movement. October live cattle down 30 cents at 99-45. October feeders down 45 at 117-20. October Class III milk up 20 cents at 15-50.

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

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