Plains weather pressures wheat futures

Market Line March 24, 2011 Wheat futures contracts closed lower across the board Wednesday. Kansas City led the way down on forecasts for some moisture in the driest parts of the southern Plains this week.

Greg Wagner of AG Strategies in Chicago says world events also played a role in grains.

Wagner: “This is essentially what we are into right now is a period of consolidation. A lack of fresh news. Nervousness over events in the Middle East as well as the terrorist attack in Israel, which has lent strength to the dollar, and once again this is something that is not friendly to grain prices.”

USDA’s weekly export sales report will be out this morning.

On Wednesday Chicago May wheat down eight cents at 7-14 ¼.

July new crop down 7 ½ at 7-50 ¼. May corn down 5 ¾ cents at 6-81. Portland soft white wheat for April unchanged at 7-05 to 7-15. No Portland club wheat bid. New crop August white wheat steady to 15 cents higher at 7-15. Hard red winter 11.5 percent protein ten to fifteen cents lower at 8-65. DNS 14% protein down two cents to up three at 11-22.

Cattle futures were mixed Wednesday. There was pressure from an unexpected increase in frozen beef stocks last month and profit taking. Some cash fed cattle sold from 113 to 116. April live cattle down 17 cents at 114-10. April feeders up a dime at 131-50. April Class III milk down nine cents at 16-35.

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

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