Wheat futures mixed; cattle higher again

Market Line March 23, 2011 Wheat futures were higher at Kansas City Tuesday but weaker at Chicago and Minneapolis. KC got some export news with private exporters reporting 160-thousand metric tons of U.S. hard red winter wheat was sold to Nigeria. Japan is tendering for food wheat from the U.S. and Australia.

New crop ratings are in for drought stricken Plain’s states. USDA meteorologist Brad Rippey has those.

Rippey: “We’ve got Texas, 56% very poor to poor closely followed by Colorado at 51%. Not to far behind Oklahoma at 43% and Kansas at 37%.”

That was a one point improvement in Kansas but deterioration in condition in the other states.

On Tuesday Chicago May wheat up 1 ¼ cents at 7-22 ¼. July new crop up ¾ of a cent at 7-57 ¾. May corn up a quarter cent at 6-86 ¾. No March Portland soft white wheat bids. April was steady at 7-05 to 7-15. No Portland club wheat bids reported. New crop August white wheat steady to a nickel lower at $7 to 7-15. Hard red winter 11.5 percent protein three cents higher at 8-78. DNS 14% protein down three cents at 11-19.

Cattle futures closed higher again Tuesday. There was some profit taking reported but also support from thoughts of a least a steady cash market this week as boxed beef moved still higher. Late fund buying helped contracts.

April live cattle up 67 cents at 114-27. April feeders up 40 at 131-40. April Class III milk down a dime at 16-44.

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

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