Gains for wheat futures; higher feedlot inventory
Market Line April 22, 2011 Markets are closed today for a three-day holiday weekend. Thursday wheat futures put in good gains, this despite a weekly export sales report number that was well below expectations. Weather continues to get the attention of traders, that being dryness in the southern plains and wet conditions in the north. Europe has been try too but France has a better chance of moisture. On Thursday Chicago May wheat up 14 ½ cents at 7-99 ½. July new crop up 14 cents at 8-34 ¾. May corn up 4 ½ cents at 7-37 ¼. Portland soft white wheat, no April bids. May steady to a nickel lower at 7-90 to $8.00. No club wheat bid. New crop August white wheat steady to 15 cents higher at $8 to 8-05. Hard red winter 11.5 percent protein up 13 cents at 9-73. DNS 14% protein up 13 cents at 12-22. USDA reports the feedlot inventory as of April 1st was up five percent from a year ago. USDA livestock analyst Shayle Shagum says placement numbers last month were up three percent. Shagum: “Returns for feedlot operators have been pretty good and as a result they bid up the price of feeder calves and there were incentives to place a larger number of cattle on feed.” Marketings in March were up four percent as higher feed costs prompted feeders to move cattle quickly to market. Ahead of the report Thursday cattle futures were mostly lower with June live cattle down 127 at 115-22. May feeders down 132 at 132-97. May Class III milk down 14 cents at 16-27. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
