Watching planting weather
Market Line April 22, 2011 Dry southern plains weather and wet conditions in the northern plains delaying planting have been supporting wheat futures. After the markets close today USDA will update weekly planting progress and winter wheat ratings. The weather factors helped wheat futures close higher in the last trading session on Thursday. Parker McMahan of La Salle Street News at the CME says a lower dollar is also helping grains. McMahan: “We have seen higher oil prices. All of this in conjunction with the weaker dollar, higher input costs, energy costs, things like that supporting prices as well as demand continuing to be seen as strong.” Cumulative U.S. wheat export sales are at 99 percent of the USDA forecast for the current marketing year which is over at the end of May. 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’s Cattle on Feed Report Thursday had the feedlot inventory April 1st up five percent from a year ago, placements up three percent and marketings up four percent. Ahead of the report cattle futures were mostly lower. 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. ?
