Market holiday

Market Line May 30, 2011 Futures market are closed today for Memorial Day as is USDA Market News.

Wheat futures were mixed Friday ahead of the three-day weekend. There was some pressure because of rains forecast for France but Allen Mote of QT Weather for the Linn Group says the moisture will be much less than previously thought.

Motew: “The following two weeks says virtually no precipitation will fall after this Monday and Tuesday. So if they don‘t get it, and right now it is showing that they will get it but fairly light. We are talking a tenth to a quarter inch in most areas and maybe up to a half and up to 3/4s rather than the one to 1 ½ inches that were showing early.”

Meanwhile wet conditions are expected to continue to hamper spring wheat planting in the northern U.S. plains and Canada.

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. Holiday weekend retail beef clearance will be important. 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 Gainful Net.

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