Awaiting planting progress report

Market Line May 16, 2011 It won’t be until after the market closes today that futures traders will get the USDA update on planting progress for spring wheat and corn. That progress, or lack thereof, is being closely watched by traders.

On Friday wheat futures closed lower. Contracts had been higher early but then a higher dollar and other outside markets put pressure on. Terry Roggensack of the HighTower Report says weather was also a feature.

Roggensack: “We do have some wet weather around that could cause some problems for the soft red crop. However, the forecasts also calling for a little bit better rain for the central part of the plains in the next week and that helped pressure the market helping to ease that tightness concern.”

On Friday Chicago July wheat down 7 ¾ cents at 7-27 ¾. July corn up 1 ½ cents at 6-82. Portland soft white wheat steady to a nickel higher at mostly 7-50. Club wheat at Portland mostly 7-50. New crop August white wheat steady at 7-50 to 7-70. Hard red winter 11.5 percent protein down six cents at 9-13. DNS 14% protein down a nickel at 11-50.

Cattle futures were lower Friday. Lower beef prices and outside markets provided pressure. Cash fed cattle sold last week three dollars lower and with the decline in boxed beef traders see a weak tone to the market this week. June live cattle down 85 cents at 109. August feeders down 147 at 132-45. June Class III milk down four cents at 16-92.

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

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