Weather helps wheat turn higher

Market Line June 3, 2011 Wheat futures saw mostly double digit gains Thursday. Traders may have overreacted to Russia’s announced ending of its wheat export ban. Weather was bullish too, with more moisture to hinder spring wheat planting in North America. Allen Motew of QT Weather for the Linn Group says:

Motew: “The wettest areas are going to be across the Canadian Prairie into North Dakota. With the near term rains being seen as well as the longer term. We go out five days and we still have the precipitation across the northern plains and Canadian Prairie.”

USDA said North Dakota still had just under half its spring wheat to plant at the start of this week. The Canadian Wheat Board said farmers there had about 25 percent of their crop to plant.

On Thursday Chicago July wheat up 10 ½ cents at 7-69 ¾. July corn up eight cents at 7-66 ½. Portland soft white wheat five to ten cents higher at 7-99. Club wheat also 7-99. New crop August white wheat five to ten cents higher at 7-95 to 8-05. Hard red winter 11.5 percent protein 17 cents higher at 9-58. DNS 14% protein 12 to 13 cents higher at mostly 12-50.

Cattle futures were mixed Thursday as traders try an assess the beef demand situation. Cash fed cattle sold this week steady to a dollar lower than last week at 103 to 104. August live cattle down 25 cents at 103-67. August feeders unchanged at 123-87. July Class III milk down a dime at 19-95.

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

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