Hot Plains heat up wheat futures

Market Line April 5, 2011 Temperatures in the dry southern plains of 95 to 102 degrees over the weekend helped wheat futures shoot higher Monday. Some of the same areas are expected to see freezing temperatures this morning before the mercury heads to the 70s, possibly 80s this afternoon.

USDA issued its first weekly condition report of the spring for the winter wheat crop and department meteorologist Brad Rippey has that.

Rippey: “37% of the crop is rated good to excellent nationally and 32% very poor to poor. If you compare that to last year it‘s much less favorable because at this time last year we started off the year at 65% good to excellent and just 6% very poor to poor.”

On Monday Chicago May wheat up 30 ½ cents at 7-90. July new crop up 30 ¾ at 8-26 ¾. May corn up 24 ½ cents at 7-60 ¼. Portland soft white wheat up 15 cents at mostly 7-75. Club wheat premium at Portland mostly 25 cents. New crop August white wheat 10 to 15 cents higher at 7-65 to 7-80. Hard red winter 11.5 percent protein 31 to 51 cents higher at 9-80. DNS 14% protein 19 to 34 cents higher at mostly 12-27.

Live cattle futures were mixed Monday with feeder contracts mostly lower. There were some new contract highs before profit taking set in. Boxed beef had strong gains yesterday and higher corn helped deferred live cattle. June live cattle down 35 cents at 120-90. May feeders down a dollar at 138-40. May Class III milk down 38 cents at 16-20.

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

Now this.