Mixed wheat futures; cattle lower

Market Line April 6, 2011 Wheat futures at Chicago closed lower Tuesday but contracts at Kansas City and Minneapolis posted gains. Chicago saw some profit taking while weather helped Kansas City and Minneapolis wheat. The northern spring wheat belt could see planting delays and USDA meteorologist Brad Rippey says hot dry weather continues for the central and southern plains hard red winter wheat crop.

Rippey: “That may be the final straw for this crop, except in the eastern areas where we have had better moisture and in some irrigated fields, there really is not much to look forward to in terms of optimistic crop yields.”

Reports from Australia suggest near record wheat acreage being planted while barley acres may be down sharply.

On Tuesday Chicago May wheat down 3 ¾ cents at 7-86 ¼. July new crop down four cents at 8-22 ¾. May corn up 6 ½ cents at 7-66 ¾. Portland soft white wheat ten to 20 cents higher at mostly 7-90. Club wheat premium at Portland mostly 25 cents. New crop August white wheat a nickel to 20 cents higher at 7-70 to $8. Hard red winter 11.5 percent protein up two cents at 9-83. DNS 14% protein steady at 12-27.

Cattle futures were lower Tuesday. With contracts at record highs profit taking was a feature and there is talk the market is overbought. Higher boxed beef provided support. Feeders followed live cattle down with higher corn adding pressure. June live cattle down 90 cents at 120. May feeders down 72 at 137-67. May Class III milk up a nickel at 16-25.

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

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