Wheat and cattle futures close lower

Market Line April 7, 2011 All three wheat futures exchanges posted losses on contracts Wednesday. Investors were seen as taking profits in corn and wheat. Also, China’s winter wheat is in better condition than expected after a dry winter and India is saying it could have a record wheat crop of 84 million metric tons, up four million from last year.

Matt Pierce of GrainAnalyst.com says domestic weather is still a key.

Pierce: “And with dryness across the HRW plains and with heat moving in, the situation for HRW looks to be getting far worse rather than better.”

Reports from Canada suggest this spring will have the wettest pre-plant conditions there since 1970.

On Wednesday Chicago May wheat down four cents at 7-82 ¼. July new crop down 4 ½ cents at 8-18 ¼. May corn down 3 ¾ cents at 7-63. Portland soft white wheat five to 20 cents higher at mostly 8-03. Club wheat premium at Portland mostly 25 cents. New crop August white wheat steady to 15 cents higher at 7-45 to $8.00. Hard red winter 11.5 percent protein down a dime at 9-73. DNS 14% protein down seven cents at 12-20.

Cattle futures fell Wednesday with analysts pointing investor profit taking. Traders are also concerned beef prices will run into consumer resistance. Cash fed cattle did trade yesterday two to three dollars higher than last week. June live cattle down 175 at 118-75. May feeders down 122 at 136-45. May Class III milk up 20 cents at 16-45.

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

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