Canadian planting intentions

Market Line April 27, 2011 Wheat futures were lower Tuesday. There was early support from the slow progress of spring wheat planting and a drop in winter wheat crop ratings. However, Terry Rogensack with the Hightower Report at the CME says a plains weather forecast was bearish.

Rogensack: “Forecast for some rain to hit the southern plains area, which has been quite dry, may help relieve the stress in the market. And those mid-day models showing more rain for the next couple days in helping to ease that stress, helped pressure the wheat market.”

Ideas China may again raise interest rates was negative for commodities generally.

A Canadian report showed farmers there planned on increasing wheat plantings overall by over 17 percent, which was above trade estimates. Weather may prevent farmers from realizing those intentions.

On Tuesday Chicago July wheat down 14 ¼ cents at 8-47. July corn up 4 ¼ cents at 7-72 ¾. Portland soft white wheat for May steady to a nickel higher at 8-05 to 8-10. No club wheat bid. New crop August white wheat steady to a nickel higher at 8-05 to 8-20. Hard red winter 11.5 percent protein ten to 11 cents lower at 9-92. DNS 14% protein mixed at mostly 12-55.

Live cattle futures were mixed Tuesday with feeders lower. Short covering helped live cattle but there are concerns about the impact of high beef prices and higher fuel costs on consumer demand. June live cattle down 50 cents at 112-30. August feeders down a dollar at 132-95. June Class III milk up 27 cents at 17-18.

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

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