Wheat futures lower on harvest progress
Market Line June 8, 2011 Wheat futures closed lower Tuesday. The biggest loss was the July spring wheat contract at Minneapolis which fell over 57 cents. Commentary mentioned the advancing U.S. hard red winter wheat harvest which has moved into Kansas. Lynn Smith with the Zaner Group at the CME says weather in Europe also brought pressure. Smith: “Again we had some pretty good rains in portions of the previous dry areas in France and Germany which should improve their wheat as it gets close to harvest.” Positioning is expected today ahead of tomorrow morning’s monthly USDA crop production and supply and demand reports. On Tuesday Chicago July wheat down 10 ¼ cents at 7-33 ¾. July corn was higher than wheat up 4 ½ cents at 7-36 ½. Portland soft white wheat down a dime at mostly 7-76. Club wheat at Portland also 7-76. New crop August white wheat up a nickel to down a nickel at 7-75 to 7-95. Hard red winter 11.5 percent protein down 15 cents at 9-30. DNS 14% protein 12 cents lower at 12-31. Cattle futures were higher Tuesday. Some cash fed sales at steady money was supportive as are good packer margins. Traders are also looking ahead to beef demand for Father’s Day and the 4th of July. August live cattle up 112 at 104-45. August feeders up 102 at 125-12. July Class III milk limit down 75 cents at 19-42 on the lack of cash cheese bids. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
