Plains weather helps wheat futures

Market Line March 30, 2011 Wheat futures posted gains in the teens Tuesday. Dry weather in the U.S. central and southern plains was cited often in the commentaries. Lack of moisture and higher temperatures are a concern. Actually, Allen Motew of QT Weather for the Linn Group says temperatures in the plains are likely to be going up and down this week and next.

Motew: “We could go from 80s and 90s down to freezing back into the 80s and 90s and back into freezing again for that central part of the country.”

A dry forecast for Chinese wheat areas was also supportive. On the negative side India is looking at ending its export ban on wheat.

Tomorrow is USDA’s Prospective Plantings report.

On Tuesday Chicago May wheat up 12 cents at 7-37 ¼. July new crop up 11 ¾ at 7-72 ¾. May corn up ¾ of a cent at 6-71 ¾. Portland soft white wheat for April steady to a dime higher at 7-15 to 7-30. No club wheat bid. New crop August white wheat five to ten cents higher at 7-25 to 7-30. Hard red winter 11.5 percent protein up 18 cents at 9-04. DNS 14% protein 13 to 38 cents higher at mostly 11-65.

Cattle futures were higher Tuesday. Higher boxed beef prices and expectations of higher cash fed cattle this week were supportive. Feeders were helped by live contracts and higher cash prices this week. June live cattle up 92 cents at 117-90. May feeders up 40 at 137-57. May Class III milk down 60 cents at 16-84.

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

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