Warm up

Market Line February 14, 2011 This past week meteorologists say 65 percent of the contiguous U.S. had snow cover but by the end of this week that could be down to 25 percent with warmer temperatures for the southern hard red wheat belt and parts of the soft red wheat region. Meanwhile Allen Motew of QT Weather for the Linn Group says the northern spring wheat belt could see more snow this week.

Motew: “Substantial snows to the Dakotas. We have been watching for that and that is not good news for developing more snow pack up there.”

Meanwhile, last Friday wheat futures gained a few cents. Egypt did buy a cargo of U.S. soft red wheat and also bought from Australia and Canada. It cancelled its hard wheat tender.

On Friday Chicago March wheat up 4 ¼ cents at 8-67. March corn up eight cents at 7-06 ½. Portland soft white wheat by rail only, five to ten cents lower at mostly 8-73. Club wheat premium at Portland mostly 17 cents. New crop August white wheat steady to a nickel lower at 8-60 to 8-65. Hard red winter 11.5 percent up a nickel at 9-76. DNS 14% protein up three cents at 12-10.

Live cattle futures were mixed Friday with feeder contracts higher. There was disappointment cash fed cattle traded at only steady money. Boxed beef also continued to slip lower raising questions about consumer willingness to pay up for beef. Feeders got a boost on ideas of tightening supplies. April live cattle down 37 cents at 112-70. March feeders up 120 at 126-02. March Class III milk up 22 cents at 18-78.

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

Now this.