Plains forecast pressures wheat futures

Market Line April 14, 2011 Wheat futures saw modest losses Wednesday. Analysts said forecasts for moisture next week in the central and southern Plains pressured prices. However, Allen Motew of QT Weather for the Linn Group points out cold temperatures are also going to hit Kansas and southward.

Motew: “And for Saturday morning will be down to about 26 to 28 degrees in western Kansas. Cold enough to do some harm.”

Another negative for wheat Wednesday were some reports about Russia perhaps getting back in the export market in early summer.

The weekly export sales report from USDA will be out this morning.

On Wednesday Chicago May wheat down 6 ¾ cents at 7-52 ¾. July new crop down 4 ¼ at 7-88. May corn closed above May wheat, up three cents at 7-55 ½. Portland soft white wheat five to ten cents lower at mostly 7-88. Club wheat premium at Portland mostly 25 cents. New crop August white wheat ten to fifteen cents lower at 7-75 to 7-90. Hard red winter 11.5 percent protein four to nine cents lower at 9-24. DNS 14% protein down by eight to 23 cents at mostly 11-69.

Cattle futures were mostly higher Wednesday. Thoughts the market was oversold were cited along with good monthly beef export numbers. February exports were up over 25 percent from a year ago. Stronger hogs also helped. June live cattle up 17 cents at 115-77. May feeders up 77 at 133-02. May Class III milk down 15 cents at 16-94.

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

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