Australian numbers negative for wheat

Market Line September 15, 2010 Wheat futures were mixed Tuesday with more pressure on old crop than new. Despite a lower dollar traders said a report out of Australia was negative for wheat. An arm of the Australian Bureau of Agricultural and Resource Economics pegged the Australian crop at 25.1 million tons, the largest estimate yet by a public agency. The estimate for Australian wheat exports was also raised by 20 percent over last year.

There continues to be a lack of rain in parts of Russia’s winter wheat belt but traders say that is old news. Wheat did get some support from higher corn.

Egypt was tendering for soft and or milling wheat.

On Tuesday Chicago December wheat down nine cents at 7-36. December corn up 11 ½ cents at 4-95. Portland soft white wheat steady to a nickel lower at mostly 6-55. Club wheat premium mostly 20 cents. No Portland red wheat bids. Minneapolis December spring wheat down 3 ¾ cents at 7-63 ¾.

Live cattle futures were mostly higher Tuesday with feeders mixed. Optimism about this week’s cash fed market was supportive as were outside markets plus spillover support from hogs. Higher corn also helped deferred live contracts while pressuring feeder futures. October live cattle up 75 cents at 98-20. October feeders down 27 at 112-10. October Class III milk up a penny at 15-92.

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

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