European weather pressures wheat futures

Market Line June 7, 2011 Big losses for wheat futures Monday. Virginia McGathey of McGathey Commodities at the CME says rain in Europe pressured wheat prices there and in the U.S.

McGathey: “As well as the weather is improving for planting conditions here in the United States is also putting some pressure on the market. I think some of the investors have moved to the sidelines in a wait and see situation.”

After the close USDA reported 79 percent of U.S. spring wheat is planted. The five year average for now is 85 percent.

Weekly export inspections for wheat were said to be below expectations at 22.3 million bushels.

On Monday Chicago July wheat down 29 ¾ cents at 7-44. July corn down 22 cents at 7-32. Portland soft white wheat five to 15 cents lower at 7-84. Club wheat also 7-84. New crop August white wheat ten to fifteen cents lower at 7-80 to 7-90. Hard red winter 11.5 percent protein down 24 cents at 9-45. DNS 14% protein down 31 cents at 12-26.

Cattle futures were mostly lower Monday. Weakness in outside markets and continued long liquidation from speculators were pointed to as factors. Boxed beef was lower. August live cattle down 177 at 103-32. August feeders down 15 at 124-10. July Class III milk up 17 cents at 20-17 on strong cheese prices.

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

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