Northern U.S. may remain cool

Market Line May 31, 2011 The latest weather forecasts and any weekend comments out of Russia on wheat exports will get the attention of grain futures traders as they return from their holiday weekend today.

Friday wheat futures were mixed with a lower dollar and wet spring wheat planting conditions positives and potential moisture in Europe a negative.

Allen Motew with the QT Weather for the Linn Group says the long term outlook for the northern U.S. is cool.

Motew: “That is the way the outlook is for June, July and August for this region based on the CFS model. They say the Canadian Prairie into the northern Rockies, actually all the way from the Pacific Northwest southeastward and eastward across the northern plains and the western cornbelt and a good portion of the cornbelt will remain colder than normal. So we will have our issues with not only getting the crop in late if at all across the northern plains but also temperatures not giving the growing degree days that are needed. So, a bad combo.”

On Friday Chicago July wheat up 5 ¼ cents at 8-19 ¾. July corn up 13 cents at 7-58 ½. Portland soft white wheat steady to a dime higher at mostly 8-23. Club wheat at Portland mostly 8-23. New crop August white wheat steady to three cents higher at 8-15 to 8-30. Hard red winter 11.5 percent protein steady at 9-93. DNS 14% protein steady to three cents lower at 13-03.

Live cattle futures were mostly higher Friday with feeders mixed. There was positioning for the long weekend and thoughts that cash fed cattle will stabilize or trade higher this week. August live cattle up 47 cents at 105-05. August feeders down 30 at 122-72. July Class III milk up four cents at 19-12.

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

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