Month end selling pressures wheat and cattle futures

Market Line September 1, 2010 Wheat futures saw some double digit losses Tuesday. There was late session pressure which was attributed to month end profit taking and fund liquidation. Chicago wheat lost about 40 cents in August.

After the close of trade Egypt tendered for more wheat.

The UN Foreign Agriculture Organization lowered its projections of world cereal grain and wheat production and increased its forecast for world wheat usage. The FAO pegged Russian wheat production at 43 million metric tons, down from its last estimate of 48. The U.S. ag attache’ in Moscow has estimated the crop at 41 million metric tons.

On Tuesday Chicago December wheat down 18 ¾ cents at 6-85 ¾. December corn down 2 ¼ cents at 4-39 ¼. Portland soft white wheat steady at mostly 6-59. Club wheat premium mostly 17 cents. HRW 11.5 % protein 6-86. No Portland DNS bids. Minneapolis December spring wheat down 16 cents at 7-03 ½.

Cattle futures were lower Tuesday. Traders are thinking cash fed cattle will trade lower this week. Cash feeders have sold steady to lower this week. There may have been some end of the month selling of futures as well. October live cattle down 77 cents at 97-27. October feeders down 82 at 115-10. October Class III milk up 26 cents at 15-75.

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

Now this.