Weather and exports help wheat
Market Line February 18, 2011 Wheat futures had double digit gains Thursday with hard wheats gaining on soft red. The weekly export sales report came in at the high end of expectation with 22 million bushels of old crop. The E.U. has dropped tariffs on feed wheat and barley imports. Statements from China’s Agriculture Ministry that the drought in the northern winter wheat area is likely to last was also supportive. Dry forecasts continue for the drought areas of the hard red wheat belt and now Allen Motew of QT Weather for Linn Group temperatures may drop to zero in some areas there next week. Motew: “After this crop has done a roller coaster ride. The wheat crop there of having temperatures job about 80 degrees in the past ten days.” Markets will be closed Monday for President’s Day. On Thursday Chicago March wheat up 13 ¾ cents at 8-50 ¾. March corn up 22 ¼ cents at 7-12 ¾. Portland soft white wheat by rail only, steady to 20 cents higher at mostly 8-45. Club wheat premium at Portland mostly 17 cents. New crop August white wheat steady to a nickel higher at 8-25 to 8-40. Hard red winter 11.5 percent 23 cents higher at mostly 9-66. Only new crop DNS bids with 14% protein higher at 10-88 to 11-08. Cattle futures were higher Thursday. Fewer market ready cattle this week as traders expecting higher cash fed prices. Some feeder contracts set new highs as traders are concerned about tightening supplies of feeder cattle. USDA issues a Cattle on Feed Report this afternoon. April live cattle up 92 cents at 115-10. March feeders up 12 at 130-60. March Class III milk down three cents at 18-91. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
