U.S. and foreign weather help wheat

Market Line April 19, 2011 U.S. wheat futures put in big double digit gains Monday. Bullish news included higher than expected export inspections for wheat at just under 36 million bushels. Russia said it would not lift its export ban until at least July.

Weather also proved positive. Arjan Ligtenberg with International Futures Group at the CME points to the U.S. plains, both north and south.

Ligtenberg: “In the southern plains we don‘t have enough rain. In the northern plains we have too much rain, which is delaying the planting of corn and of spring wheat.”

After the market close USDA reported spring wheat planting at five percent complete compared to a five year average for now of 12 percent. Canadian planting may be ten days to three weeks behind.

Dryness in France, Germany and China all added wheat’s positive tone.

On Monday Chicago May wheat up 30 ¾ cents at 7-75. July new crop up 30 ¾ at 8-10 ¾. May corn up 9 ¾ cents at 7-51 ¾. Portland soft white wheat ten to 15 cents higher at mostly $8.00. Club wheat premium at Portland mostly 25 cents. New crop August white wheat a dime higher at 7-80 to $8.00. Hard red winter 11.5 percent protein 30 cents higher at 9-39. DNS 14% protein up 25 cents at 11-89.

Cattle futures closed mostly higher Monday after starting out under pressure from outside markets. Buyers went bargain hunting and then there was word feedlot show lists could be smaller this week. June live cattle up 50 cents at 115-80. May feeders down seven cents at 133-22. May Class III milk down 43 cents at 16-45 on a weak cheese market.

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

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