Corn pressures wheat futures; cattle mixed

Market Line March 29, 2011 Wheat futures had modest losses Monday. There was aggressive selling in corn that spilled over to wheat. That selling was attributed to lack of any more news of Chinese corn buying.

Weekly export inspections for wheat were at the high end of expectations at just under 30 million bushels. Iraq bought 200-thousand metric tons of U.S. wheat.

Dryness in the southern plains was supportive as are concerns about northern plains flooding. Allen Motew of QT Weather for the Linn Group says that spring wheat region will get more moisture this week.

Motew: “And we see the potential for another storm about a week later coming into that region. So two storms over the next two weeks of major significance for the northern plains and their flood potential actually starting out at the end of this week.” 1

On Monday Chicago May wheat down eight cents at 7-25 ¼. July new crop down 7 ¾ at 7-61. May corn down 18 ½ cents at 6-71. Portland soft white wheat for April steady at 7-15 to 7-20. No Portland club wheat bid. New crop August white wheat steady at 7-20. Hard red winter 11.5 percent protein down six cents at 8-86. DNS 14% protein down six cents at mostly 11-43.

Live cattle futures were mixed Monday with feeder contracts mostly higher. Profit taking put pressure on live cattle while smaller show lists for this week offered support. Longer term traders are optimistic about exports. June live cattle down 77 cents at 116-97. May feeders up 12 at 131-17. May Class III milk up 22 cents at 17-44.

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

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