Wheat futures lower; video impacts cattle

Market Line April 21, 2011 Today is the last trading session of the week with markets closed for a holiday tomorrow. Wheat futures were mostly lower Wednesday. They had traded higher on dryness in the southern plains and wetness in the northern plains. There was pressure from corn however, which Dan Cekander of Newedge at the CME says came from possible better planting weather down the road.

Cekander: “Just the idea that there might be some dryness that first part of May, which would still be very timely planting if that were to occur, brought in a lot of selling into the corn.”

On Wednesday Chicago May wheat down ¾ of a cent at 7-85. July new crop down a ¼ cent at 8-20 ¾. May corn down 16 ¼ cents at 7-32 ¾. Portland soft white wheat, no April bids. May delivery mixed at 7-90 to 8-05. No April club wheat bids. New crop August white wheat up a nickel at 7-85 to 8-05. Hard red winter 11.5 percent protein down six cents at 9-63. DNS 14% protein four to nine cents lower at mostly 12-09.

Live cattle futures closed lower with feeders mixed. In addition to profit taking some commentary pointed to trader nervousness regarding consumer reaction to an undercover video released of alleged animal cruelty on a Texas ranch. Higher boxed beef and the outside markets offered support. June live cattle down 67 cents at 116-50. May feeders down 17 at 134-30. May Class III milk up a nickel at 16-41. USDA’s Cattle on Feed report will be out this afternoon.

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

Now this.