Crop tours begin

Market Line May 2, 2011 Traders will get a better idea this week about the hard red winter wheat crop as the Wheat Quality Council holds its annual crop tour in Kansas.

Wheat futures had strong gains Friday. Funds were buyers and some weather factors were positive. Spring wheat planting in North Dakota and in Canada is delayed and Allen Motew of QT Weather for the Linn Group says more storms are on the way.

Motew: “And they are going to get inundated with snow, cold and rain. Not a good picture for them with record flooding already in the mix.”

Private exporters reported last week Pakistani wheat export sales of over 200-thouand metric tons. India may decide shortly if it will export wheat this year.

On Friday Chicago July wheat up 23 ¾ cents at 8-01 ¼. July corn up 27 ¼ cents at 7-56 ½. Portland soft white wheat steady to a nickel higher at 7-65 to 7-90. No club wheat bid. New crop August white wheat mixed at 7-70 to 7-90. Hard red winter 11.5 percent protein 17 to 22 cents higher at 9-32. DNS 14% protein 14 to 24 cents higher at 12-23.

Cattle futures were mixed Friday. June live cattle’s discount to cash was supportive. Last week’s lower cash fed cattle and boxed beef prices were negative. For the month of April Choice beef was down nine dollars a hundredweight. June live cattle up 17 cents at 113-35. August feeders down 17 at 135-95. June Class III milk up 15 cents at 17-33.

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

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