Weather boosts wheat futures

Market Line May 10, 2011 Wheat futures posted gains in the 30 to 40 cents plus range Monday. Traders cited weather. Kansas saw 100 degree temperatures over the weekend and wet weather in the northern plains is hindering spring planting. After the market close USDA reported 22 percent of spring wheat planted. That compares to the five year average for now of 61 percent.

The weekly export inspection report from USDA came in well above trade expectations at 34.6 million bushels. Tomorrow USDA issues crop production and supply and demand numbers and Outlook Board chairman Jerry Bange says;

Bange: “The May report clearly is one of the biggest reports we do. There is no doubt about.”

On Monday Chicago July wheat up 31 cents at 7-90 ½. July corn up 21 ¼ cents at 7-07 ½. Portland soft white wheat five to fifteen cents higher at mostly 7-76. Club wheat premium at Portland mostly 13 cents. New crop August white wheat five to 20 cents higher at 7-65 to 7-95. Hard red winter 11.5 percent protein 41 cents higher at 9-55. DNS 14% protein 41 to 51 cents higher at mostly 12-32.

Cattle futures closed mixed Monday. Pressure came from expectations of lower cash fed cattle this week and concerns about beef demand. The outlook for better grilling weather and commodity buying generally were positive factors. June live cattle down 85 cents at 109. August feeders down 47 at 132-30. June Class III milk up eight cents at 17-27.

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

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