Planting delays rally grains
Market Line May 18, 2011 Wheat futures closed with strong gains Tuesday. USDA’s reports on planting progress were cited as drivers. Only 36 percent of the U.S. spring wheat has been planted compared to a normal pace of 75 percent. The slow pace of corn planting also helped wheat. Charles Nedoss of Olympus Futures at the CME says 37 percent of the U.S. corn crop is going to be planted late. Nedoss: “And again you are getting to a very critical date in corn. After May 15th, just going by anecdotal evidence, you do see yields being shaved by a bushel a day so it is paramount that we get the rest of the corn in here in a timely fashion.” U.S. winter wheat crop ratings dropped another point in the good to excellent category. France is saying it may lose five percent of its wheat crop to drought. On Tuesday Chicago July wheat up 27 ½ cents at 7-64. July corn up 22 ¾ cents at 7-20 ¼. Portland soft white wheat steady to three cents higher at 7-64. Club wheat also 7-64. New crop August white up a nickel at 7-55 to 7-80. Hard red winter 11.5 percent protein nineteen cents higher at 9-38. DNS 14% protein six to 26 cents higher at mostly 11-86. Cattle futures were mostly lower Tuesday. Beef demand concerns were cited. Traders are looking past the Memorial Day Weekend and think demand will drop. Lower equities were seen as bearish for cattle. June live cattle down 57 cents at 107-75. August feeders down 130 at 129-92. June Class III milk up 26 cents at 17-24 I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
