More world wheat acres next year?
Market Line September 2010 The Canadian Wheat Board says that as farmers around the world respond to higher wheat prices by planting more acres, and given average weather, the world could see a near record world wheat crop next summer. Last week Informa Economics forecast all U.S. wheat acres for next year at 57 million, nearly three million acres more than this year. That was however less than many analysts expected and was called a factor in a big wheat rally Friday that saw wheat futures close higher. Spillover support from corn and the weaker dollar were also cited. On Friday Chicago December wheat up 22 ¾ cents at 7-20. December corn up 22 ½ cents at 5-21 ¾. Portland soft white wheat was steady at mostly 6-40. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat up 19 cents at 7-62 ½. Beef may have less pork to compete against in the months ahead. USDA analyst Shayle Shagum sums up the departments Hogs and Pigs report issued Friday. Shagum: “It generally points to continued contraction of the herd.” The market hog inventory was down 2.7 percent compared to September 1st of last year with the breeding herd down 1.8 percent. Cattle futures were mixed Friday. Live contracts got some support from the strong stock market and lower dollar. Higher corn was positive for live cattle, negative for feeder contracts. December live cattle down 12 cents at 98-12. November feeders down 75 at 109-10. November Class III milk up six cents at 15-94. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
