Wheat futures mixed; cattle contracts higher

Market Line March 22, 2011 Wheat futures were lower Monday at Chicago and Kansas City, with spring wheat higher at Minneapolis. Several analysts said the weekly export inspections for wheat were above expectations at 25.7 million bushels, which was supportive as were outside markets. Iraq is tendering for 100-thousand metric tons of optional origin wheat.

On the negative side China has seen rains in its winter wheat belt. Here in the U.S., Allen Motew of QT Weather for the Linn Group says southern Plains wheat has seen temperatures in the 80’s but later this week it will get cold.

Motew: “And possibly a hard freeze for the western part of Kansas for the end of the week.”

On Monday Chicago May wheat down two cents at 7-21. July new crop down 1 ½ at 7-57. May corn up three cents at 6-86 ½. No March Portland soft white wheat bids but April was steady to a nickel lower at 7-05 to 7-15. No club wheat bids. New crop August white wheat steady to a dime lower at $7 to 7-20. Hard red winter 11.5 percent up 22 cents to down three at mostly 8-75. DNS 14% protein a penny higher at mostly 11-22.

Cattle futures were steady to higher Monday. Higher equities, gold and oil as well as higher boxed beef were cited as factors. Some traders think the fall in placements in last week’s Cattle on Feed report is the beginning of a trend that will tighten finished cattle supplies down the road. April live cattle up 195 at 113-60. April feeders up 182 at 131. April Class III milk down 11 cents at 16-54.

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

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