Strong gains for wheat futures; big losses for cattle contracts

Market Line April 26, 2011 Wheat futures saw big gains Monday as traders continued to be influenced by the weather, dry conditions in the southern plains for winter wheat and wet conditions in the northern plains for spring wheat planting. After the close USDA’s crop progress report showed little planting has occurred in the northern plains.

Allen Motew of QT Weather for the Linn Group says flooding is an issue in the Canadian Prairies and more moisture is on the way there later this week.

Motew: “And that is with one to as much as three inches of rain shown over parts of southern Saskatchewan and southwestern Manitoba. Also snow may fall once gain, heavy at that possible, and very strong winds with near blizzard conditions for Alberta.”

On Monday Chicago July wheat up 26 ½ cents at 8-61 ¼. July corn up 24 cents at 7-68 ½. Portland soft white wheat for May five to 15 cents higher at mostly 8-05. No Portland club wheat bid. New crop August white wheat steady to 15 cents higher at $8 to 8-20. Hard red winter 11.5 percent protein 28 cents higher at 10-01. DNS 14% protein up 29 cents at mostly 12-56.

Cattle futures closed sharply lower Monday with some feeder contracts limit down. Some fed cattle sales were reported for the week already, down a couple of cents from last week at 117. Fund selling was also noted. The gain in corn provided added pressure to feeders. June live cattle down 242 at 112-80. August feeders down $3 at 133-95. June Class III milk up three cents at 16-91.

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

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