Snow could reduce Canadian wheat acres again

Market Line February 28, 2011 The Canadian Wheat Board’s Director of Weather and Market Analysis says the heavy winter snowfall in the prairies there and possible flooding could reduce plantings by five million acres this year. That would be better than last year’s ten million acres unseeded but far above the usual 500-thousand acres that are lost.

Meanwhile wheat futures had big gains Friday with a bullish export sales report a factor. USDA reported sales of 37 million bushels of old crop and just under four million of new crop. Dry weather is also expected to continue for the drought areas of the southern Plains.

On Friday Chicago May wheat up 28 ¾ cents at 8-11 ¼. July new crop up 26 ¾ at 8-41. May corn up 25 ½ cents at 7-22. Portland soft white wheat steady to a nickel higher at mostly 7-60. Club wheat premium at Portland mostly 17 cents. New crop August white wheat up a dime at 7-25 to 7-50. Hard red winter 11.5 percent 26 to 37 cents higher at mostly 9-12. DNS 14% protein 47 to 50 cents higher at 11-86.

Cattle futures were mostly higher Friday. Higher corn which is seen as reducing beef supplies was cited along with the week’s record cash fed prices of 1.11 and 1.12 a pound. Outside markets helped too. USDA expects the average price for fed steers to range between $102 to $109 this year. April live cattle up 45 cents at 114-10. April feeders up 65 at 131-62. April Class III milk up 66 cents at 17-81.

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

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