Wheat and cattle futures mixed

Market Line April 12, 2011 Wheat futures were narrowly mixed at Chicago Monday and lower at Kansas City and Minneapolis. Chicago got some spillover support from corn. Weekly export inspections for wheat at just over 28 million bushels was generally seen as neutral.

Greg Wagner with AG Strategies at the CME says plain’s weather was a factor for wheat.

Wagner: “Some rain in the hard red winter wheat belt is looked as being favorable and maybe a little bit negative for the wheat.”

After the close USDA reported a deterioration in the winter wheat crop over the past week with 36 percent in good to excellent condition and 36 percent rated very poor to poor.

On Monday Chicago May wheat up ¾ of a cent at 7-98 ¼. July new crop down a half cent at 8-31 ¾. May corn up eight cents at 7-76. Portland soft white wheat a nickel to 25 cents higher, mostly 8-15. Club wheat premium at Portland mostly 25 cents. New crop August white wheat five to ten cents higher at 7-90 to 8-10. Hard red winter 11.5 percent protein down 14 cents at 9-53. DNS 14% protein down 17 cents at mostly 12-07.

Live cattle futures were mixed Monday with feeder contracts lower. Higher corn was negative for feeders. Traders are uncertain about this week’s cash fed market as packer margins have declined and beef prices may be hitting resistance from retailers. June live cattle down at nickel at 116-90. May feeders down 62 at 134-87. May Class III milk up 17 cents at 17-25.

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

Now this.