Weather worries continue

Market Line April 20, 2011 Wheat futures had big gains again Tuesday with Kansas City and Minneapolis the strongest markets. It’s the hard wheats that traders have weather concerns about. Charles Nedoss of Olympus Futures at the CME says slow spring wheat planting is one worry.

Nedoss: “Your top producing state of North Dakota has zero in. Winter wheat in terms of the crop progress here, we were 36% good to excellent versus 69% last year. So again, on the winter wheat we are having quality issues due to dry weather, on the spring wheat we have farmers out of the field due to wet weather.”

Wet conditions are also a concern in Canada and Russia with dryness an issue in Europe and China.

On Tuesday Chicago May wheat up 10 ¾ cents at 7-85 ¾. July new crop up 10 ¼ at 8-21. May corn down 2 ¾ cents at 7-49. Portland soft white wheat was steady at $8.00. Club wheat premium at Portland mostly 25 cents. New crop August white wheat steady at 7-80 to $8.00. Hard red winter 11.5 percent protein 30 cents higher at 9-71. DNS 14% protein 24 to 29 cents higher at mostly 12-13.

Cattle futures saw strong gains Tuesday building on Monday’s close. Higher choice beef prices was the factor given the most credit. June live cattle up 137 at 117-17. May feeders up 125 at 134-27. May Class III milk up a penny at 16-36 ahead of the USDA milk production report showing March production up 2.4 percent from a year ago in the major producing states.

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

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