Weather friendly to wheat futures

Market Line May 17, 2011 Wheat futures closed higher Monday. It was the usual weather story, dryness for the southern plains and more moisture later this week for the northern plains where spring planting is running well behind normal. After the close USDA reported 36 percent of the U.S. spring wheat crop planted compared to the five year average for now of 76 percent.

Dryness has been an issue in Europe, particularly France, and Allen Motew of QT Weather for the Linn Group says;

Motew: “In the European scene it looks like France will be the one that misses out on the heaviest precipitation over the next two weeks.”

Weekly export inspections for wheat came in near trade expectations at 30 million bushels.

On Monday Chicago July wheat up 8 ¾ cents at 7-36 ½. July corn up 15 ½ cents at 6-97 ½. Portland soft white wheat seven to 21 cents higher at mostly 7-61. Club wheat at Portland also mostly 7-61. New crop August white wheat steady to a nickel higher at 7-50 to 7-75. Hard red winter 11.5 percent protein six cents higher at 9-19. DNS 14% protein up a dime at 11-60.

Cattle futures were mostly lower Monday. The cash trade was lower last week and talk is of perhaps another dollar lower market this week. Technical selling and spillover pressure from hogs were cited. June live cattle down 67 cents at 108-32. August feeders down 122 at 131-22. June Class III milk up six cents at 16-98.

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

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