Watching weather
Market Line April 4, 2011 Wheat futures posted small losses Friday. Losses were limited by strong gains for corn and the weather for the southern plains winter wheat crop. Traders are also wondering if all the spring wheat acres farmers say they will plant will get in the ground in the northern plains given the weather there. Todd Horwitz of Adam Mesh Trading Group at the CME remains optimistic about grains. Horwitz: “Demand remains high in the grain markets and it looks like the grains will continue on their solid uptrend.” This coming Friday USDA will update its supply and demand numbers to reflect the recent quarterly grain stocks report. Last Friday Chicago May wheat down 3 ¾ cents at 7-59 ½. July new crop down 3 ¼ at 7-96. May corn up 42 ¾ cents at 7-36. Portland soft white wheat 15 to 40 cents higher at mostly 7-60. Club wheat premium at Portland mostly 17 cents. New crop August white wheat 10 to 30 cents higher at 7-55 to 7-65. Hard red winter 11.5 percent protein mostly 9-39 with no comparison. DNS 14% protein mostly $12. Cattle futures continued to post gains Friday with fed cattle selling at record highs last week as did choice boxed beef. Funds were said to be buyers Friday and the Labor Department’s unemployment report was also positive for cattle. June live cattle up 27 cents at 121-25. May feeders up two cents at 139-40. May Class III milk down 12 cents at 16-58. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
