Big losses for wheat; cattle futures mixed

Market Line March 8, 2011 Wheat futures posted some 30-cent plus losses Monday. Weather was cited as one factor as rains are coming back in China’s winter wheat belt. Also, Allen Motew of QT Weather for the Linn Group says snow and rain is in the forecast for dry areas of the U.S. hard winter wheat region.

Motew: “The precipitable water would be nearly two inches for the two events and a good area of Kansas will be covered with precipitation as well as a portion of northwest Texas, the Oklahoma Panhandle, Oklahoma.”

Weekly export inspections for wheat were below trade expectations at 21.4 million bushels. Lower stocks and commodity selling generally were also negative for wheat.

On Monday Chicago May wheat down 31 ½ cents at 8-00 ¾ cents. July new crop down 29 ¾ at 8-30 ¼. May corn down 10 ½ cents at 7-17 ½. Portland soft white wheat steady to 25 cents lower at mostly 7-63. Club wheat premium at Portland mostly 17 cents. New crop August white wheat ten to 45 cents lower at 7-50 to 7-90. Hard red winter 11.5 percent down 30 cents at 9-16. DNS 14% protein down 21 cents at 12-10.

Cattle futures were mixed Monday. The general commodity sell off hit cattle and traders are wondering if cash fed cattle can top last week’s 113 dollars. Lower corn provided some support for feeder cattle. April live cattle down 45 cents at 113-60. April feeders down 12 at 131-70. April Class III milk down three cents at 18-40.

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

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