Russia still hangs over wheat market

Market Line June 2, 2011 More losses in wheat futures Wednesday with Chicago dropping the most. Traders continued to react to the news that Russia plans on resuming wheat exports next month with a European analyst saying they could export ten million metric tons this year compared to five last year.

Moisture in the forecast for dry western Europe was also bearish. Allen Motew of QT Weather for the Linn Group says rain may miss some of western France, but;

Motew: “Outside of that one to maybe three inch totals will be seen across parts of central and southern France and particularly across Germany with as much as two to four inches during this period.”

On Wednesday Chicago July wheat down 23 cents at 7-59 ¼. July corn up 11 cents at 7-58 ½. Portland soft white wheat ten to fifteen cents lower at mostly 7-91. Portland club wheat also 7-91. New crop August white wheat ten to 15 cents lower at 7-85 to $8. Hard red winter 11.5 percent protein no comparison at 9-36. DNS 14% protein at 12-47.

Cattle futures were mostly lower Wednesday as traders were concerned about demand with a disappointing jobs report and a lower equities market. Cash fed cattle sold steady with last week at 104. There was talk about a Tyson Nebraska beef plant possibly shutting down due to flooding but a company official says that won‘t happen. August live cattle down 145 at 103-92. August feeders down 50 at 123-87. July Class III milk up 36 cents at 20-05, topping $20 for the first time.

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

Now this.