Wheat futures up;feedlot placements down
Market Line March 21, 2011 Wheat futures put in more gains Friday. A weak dollar, a private forecast for spring wheat plantings and help from corn were cited as factors. There were unconfirmed rumors late last week of major U.S. corn purchases by China.
On Friday Chicago May wheat up 12 ¾ cents at 7-23. July new crop up 13 ¼ at 7-58 ½. May corn up 37 cents at 6-83 ½. Portland soft white wheat 20 to 30 cents higher at mostly 7-18. Club wheat premium at Portland mostly17 cents. New crop August white wheat 20 to 25 cents higher at 7-10 to 7-20.
Hard red winter 11.5 percent protein up nine to 14 cents at mostly 8-70. DNS 14% protein 13 cents higher at 11-21.
USDA’s Cattle on Feed Report Friday pegged on the feed inventory March 1st up five percent from a year ago, placements last month were down one percent, marketings up four. USDA analyst Shayle Shagum noted the following about February placements.
Shagum: “That if we look at the breakout of weights of cattle placed in February, the only category that was up was the under 600 pound. All the other weight categories were lower.”
Ahead of the report cattle futures were mixed. April live cattle up a nickel at 111-65. April feeders down a dime at 129-17. April Class III milk down 14 cents at 16-65 ahead of USDA reporting milk production in the major states during February was up 2.4 percent from February 2010.
I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.
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