Good weather pressures wheat; cattle higher

Market Line September 28, 2010 Wheat futures had double digit losses Monday. Traders pointed to favorable weather outlook for winter wheat planting in the U.S. After the close USDA reported a third of the crop is now planted. Also Russia is expected to see more rainfall this week which would shrink the drought area there.

As for the U.S. spring wheat harvest USDA meteorologist Brad Rippey says;

Rippey: “Over all the spring wheat harvest is 89%. The five year average is 98%.”

In Montana farmers only managed to cut one percent of the spring wheat crop last week leaving 35 percent left to harvest.

Weekly export inspections for wheat were down from last week at 24 million bushels.

On Monday Chicago December wheat down 13 ½ cents at 7-06 ½. December corn down nine cents at 5-12 ¾. Portland soft white wheat down a dime at mostly 6-30. Club wheat premium mostly 25 cents. No Portland red wheat bids. Minneapolis December spring wheat down sixteen cents at 7-46 ½.

Cattle futures were higher Monday with traders feeling optimistic about firm cash prices this week and the discount of futures prices to cash. Lower corn was also supportive to cattle. Fund buying interest was also noted.December live cattle up 117 at 99-30. November feeders up 67 at 109-77. November Class III milk up three cents at 15-97.

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

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