Modest losses for wheat futures; triple digits for cattle contracts

Market Line March 2, 2011 Wheat futures posted losses Tuesday though they closed up from the day’s lows. A recovery in the row crops helped wheat contracts which got pressure from rain in China and the chance for some moisture in the U.S. southern Plains.

Allen Motew of QT Weather for the Linn Group says the real dry areas of the southern Plains may not get much precip from the latest storm.

Motew: “Once again the pattern favors northern Kansas, northeastern Kansas, central Kansas rather than the drier areas of the southwest.”

New state crop ratings have the good to excellent category in Kansas at 25 percent of the crop, 19 percent in Oklahoma and only 18 percent in Texas.
 

On Tuesday Chicago May wheat down 6 ¾ cents at 8-10 ¼. July new crop down 7 ½ at 8-40 ¾. May corn up 4 ½ cents at 7-35 ½. Portland soft white wheat ten to 15 cents higher at mostly 7-70. Club wheat premium at Portland mostly 17 cents. New crop August white wheat 35 to 40 cents higher at 7-60 to 7-80. Hard red winter 11.5 percent down a penny at 9-28. DNS 14% protein one to 15 cents lower at mostly 11-86.

Cattle futures were mostly lower Tuesday. Market analysts said traders lost confidence in the cash fed market as they are beginning to doubt if it can move higher. Technical selling was cited along with profit taking. April live cattle down 150 at 111-40. April feeders down 115 at 130-62. April Class III milk up 17 cents at 18-11.

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

Now this.