Russian news rattles wheat futures
Market Line June 1, 2011 Wheat futures posted 30-cent plus losses at all exchanges Tuesday. The big negative news was Russia announcing it would resume wheat exports after July 1st. It had banned exports last year because of its drought reduced crop. USDA’s Jerry Norton commented on Russia’s plans. Norton: “Of course at this point any forecast on the Russian crop remains tentative but it is clear from this announcement from the Russian government they believe they are heading into a fairly good crop in the 2011 year and there is no reason to expect that we won‘t see a fairly significant rebound in both their production and their exports in the 2011 year.” After the close USDA reported that 68 percent of the U.S. spring wheat crop had been planted to start this week which is about what traders were expecting. On Tuesday Chicago July wheat down 37 ½ cents at 7-82 ¼. July corn down 11 cents at 7-47 ½. Portland soft white wheat ten to 20 cents lower at mostly 8-04. Portland club wheat also mostly 8-04. New crop August white wheat 15 to twenty cents lower at $8 to 8-10. Hard red winter 11.5 percent protein down 35 cents at 9-58. DNS 14% protein down 31 cents at 12-69. Cattle futures were mostly higher Tuesday. Traders are thinking cash fed cattle prices will stabilize this week if not move higher. Boxed beef was up yesterday. A lower dollar was positive. August live cattle up 32 cents at 105-37. August feeders up 165 at 124-37. July Class III milk up 57 cents at 19-69 I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
